HHC

The Howard Hughes Corporation

Finance/Real Estate


Presented:03/01/2013
Price:$76.79
Cap:$2.92B
Current Price:$76.67
Cap:$3.85B

Presented

Date03/01/2013
Price$76.79
Market Cap$2.92B
Ent Value$3.38B
P/E RatioN/A
Book Value$56.41
Div YieldN/A
Shares O/S37.97M
Ave Daily Vol120,000
Short Int0.49%

Current

Price$76.67
Market Cap$3.85B
The Howard Hughes Corporation develops and operates master planned communities, and mixed-use and other real estate properties in the United States. It operates in three segments: Master Planned Communities, Operating Assets, and Strategic Developments. The Master Planned Communities segment develops and sells residential and commercial land. It sells residential land designated for detached and attached single- and multi-family homes ranging from entry-level to luxury homes to home builders; and commercial land parcels designated for retail, office, resort, services, and other for-profit activities, as well as parcels designated for use by government, schools, and other not-for-profit entities. This segment also owns 5 master planned communities with approximately 13,000 acres of land. The Operating Assets segment owns retail and office properties, multi-family apartment buildings, a resort and conference center, a 36-hole golf and country club, and other operating assets and investments. The Strategic Development segment comprises near, medium, and long-term real estate properties and development projects. This segment’s real estate opportunities consist of mixed-use commercial development, retail component, office buildings, multi-family projects, mall development projects, redevelopment projects, and other property interests. The Howard Hughes Corporation is headquartered in Dallas, Texas.

Highlights

HHC was spun out of General Growth Properties in November of 2010 when General Growth Properties emerged from bankruptcy. The presenter is bullish on the outlook for the company given its eclectic portfolio of acreage and master planned communities being carried at what appear to be material discounts to fair market value. He outlined a number of the properties in HHC’s portfolio, and explained how the sum of parts equates to a $100 target over the next 12 months, and as much as $120 over a longer time horizon.

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