This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results

Master Planned Communities Summary

Land sales in our MPC segment, excluding deferred land sales and other revenue, increased $24.9 million, or 66.6%, to $62.3 million for the three months ended December 31, 2012, as compared to the three months ended December 31, 2011. The increase in revenues was primarily caused by a $23.6 million increase in residential land sales at The Woodlands. Approximately 78% of The Woodlands lot sales in the fourth quarter 2012 were a result of the auctions we held in August 2012. The auction resulted in a $50.4 million aggregate sales price for the 375 lots offered representing a $16.7 million, or 49%, increase in price compared to sales prices prior to the auction. The auction also resulted in an acceleration of homebuilder closings on the lots. Higher sales of non-core commercial land at The Woodlands increased commercial revenues by $3.6 million.

For the year ended December 31, 2012, land sales, excluding deferred land sales and other revenue, increased $30.1 million to $180.4 million compared to the year ended December 31, 2011, primarily due to the residential lot auction at The Woodlands, $5.2 million of increased sales at Bridgeland and a $5.1 million increase in commercial land sales, respectively.

The Houston, TX, economy remains strong. The expected influx in 2014 and 2015 of 10,000 employees to ExxonMobil’s three million square foot corporate campus which is under construction just south of The Woodlands is driving demand for residential housing and commercial space at The Woodlands and Bridgeland. The latest phase of construction on the greater Houston area’s perimeter loop, the Grand Parkway, will bisect the Bridgeland community and will connect the ExxonMobil campus, the airport and the Energy Corridor, which we believe will serve as another catalyst for growth.

At Summerlin, existing inventory levels for both new and resale homes continue to decline resulting in improved pricing. In the Las Vegas market, 44,902 homes were sold in 2012, the third-best year on record, and the median single family home price increased 24.2%, according to the Greater Las Vegas Association of Realtors. In addition, the number of single-family homes available for sale on the Multiple Listing Service at December 31, 2012, declined 24.1% from the prior year, representing an approximate five-week supply of inventory. Summerlin sold 38 and 109 residential lots during the three months ended December 31, 2012 and 2011, respectively, and sold 400 and 421 residential lots during the years ended December 31, 2012 and 2011, respectively. Summerlin’s pipeline remains robust, with 110 residential lots under contract representing approximately $9.3 million of sales revenue as of December 31, 2012, if all sales are completed. In addition, Summerlin has an outparcel in escrow representing $2.6 million of sales revenue.

5 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,958.74 -23.85 -0.14%
S&P 500 1,977.63 -1.28 -0.06%
NASDAQ 4,453.5720 +8.6630 0.19%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs