THE WOODLANDS, Texas,
Feb. 25, 2021 /PRNewswire/
-- The Howard Hughes Corporation®
(NYSE: HHC) (the "Company," "HHC" or "we") announced today
operating results for the year and fourth quarter ended
December 31, 2020. The financial
statements, exhibits and reconciliations of non-GAAP measures in
the attached Appendix and the Supplemental Information at Exhibit
99.2 provide further details of these results.
"This past year highlights the exceptional quality and the
resiliency of HHC's irreplaceable assets and our business model
along with the incredible dedication of our people. It was a year
that despite the world-wide pandemic, we exceeded our pre-COVID
estimate for residential land sales, had the fastest-selling condo
project since we opened Ward
Village, saw our retail rent collections bounce back from
their lows and saw home sales increase from prior year levels
across our portfolio. In addition, we took steps to fortify and
diversify our balance sheet which has left us positioned to
accelerate strategic development across our core assets where we
continue to see strong demand," said David
O'Reilly, Chief Executive Officer and Interim Chief
Financial Officer.
"The strength of the fourth quarter is evidenced by the
performance of our MPCs which generated $86
million in earnings before tax (EBT)(1),
propelling our full-year MPC EBT to $209
million. Underlying new home sales—a leading indicator for
our future land sales—grew 10% in 2020 compared to full-year 2019
results, giving us confidence that the velocity of land sales will
extend into 2021. These results are supported by the continuing
trend of migration to low-cost, low-tax states and are a testament
to the exceptional quality of our walkable, amenity-rich
communities.
"During the year, we delivered two office assets and a
standalone restaurant spanning 1.7 million square feet and three
multi-family assets totaling 931 units. At stabilization, these
assets will generate $40 million in
net operating income (NOI)(1). The pace of lease-up of
our newly completed assets, combined with our strong balance sheet,
helped drive our decision to announce approximately 2 million
square feet of new developments to be launched in 2021 that will
continue to grow our recurring income and unlock value in our
commercial land.
"With a total of 302 condo units sold or under contract in 2020,
Ward Village continues to
demonstrate its market resiliency as the desire to live in this
sought-after community remains high. Victoria Place—the
fastest-selling tower to date at Ward Village—contracted 268 units
during the year and is already 77% presold—a tremendous pace given
that we only launched presales in December
2019 and a significant amount of these sales were completed
virtually due to travel restrictions.
"Capitalizing on last quarter's successful launch of The Greens
at the Seaport, we transformed the summer's mini green lawns on the
rooftop of Pier 17 into socially-distanced winterized cabins
offering seasonal dishes and festive cocktails. This concept
continued to generate strong demand from local New Yorkers with
nearly 39,000 guests served and had an average daily waitlist of
5,000 people. Despite construction delays earlier in the year as a
result of COVID-19, we are steadily making progress at the Tin
Building with the new Jean-Georges marketplace and we anticipate
completion in the fourth quarter of 2021, featuring enhanced mobile
ordering and delivery capabilities responding to New York City's strong appetite for
high-quality home delivery of groceries and prepared meals.
"We have largely completed our Transformation Plan and are
focused squarely on the acceleration of development opportunities
within our master planned communities in response to growing market
demand. Our decentralization efforts and corporate overhead
reductions are substantially complete. Our annualized fourth
quarter general and administrative expense, excluding one-time
charges, represents a savings of approximately $40 million compared to our full-year 2019
general and administrative expense. We've made progress on our sale
of non-core assets and only have a few dispositions remaining. Our
balance sheet is strong, and we are ideally positioned for growth
across our portfolio. Our new leadership is committed to seeking
out the most advantageous opportunities within our MPCs that
increase our net asset value and achieve the highest risk-adjusted
returns."
Full-Year Highlights
Total Company
- Net income attributable to common stockholders decreased to a
loss of $26.2 million, or
$(0.50) per diluted share, for the
year ended December 31, 2020,
compared to income of $74.0 million,
or $1.71 per diluted share, for the
year ended December 31, 2019.
- As of December 31, 2020, we had
$1.0 billion of cash and cash
equivalents and available capacity of $185.0
million on the revolver portion of our credit facilities. In
2020, we strengthened our balance sheet and enhanced liquidity
through the following:
-
- Completed an equity offering of common stock resulting in the
issuance of 12,270,900 shares and receipt of $593.6 million in net proceeds.
- Issued $750 million in senior
notes due August 2028 and used the
net proceeds from the debt issuance, together with cash on hand,
for the repayment of existing indebtedness of approximately
$807.9 million in order to extend the
average maturity date of our indebtedness.
- Completed the sale of four non-core assets during the year,
which generated a total of $102.3
million in net proceeds.
- Obtained $400.2 million of new
construction financings and $177.0
million in other financings.
- On February 2, 2021, we issued
$650 million in 4.125% senior notes
due 2029 and $650 million in 4.375%
senior notes due 2031 and intend to repurchase all of our
$1 billion 5.375% senior notes due
2025 and repay all of the approximately $280
million outstanding under our loans for 1201 Lake Robbins
and The Woodlands Warehouse maturing June
2021. On February 2, 2021, we
repurchased $512.5 million of our
$1 billion 5.375% senior notes and
intend to repurchase the remainder of these notes on March 15, 2021.
Operating Assets
- From the start of the second quarter through year end, we have
collected 96.7% of our office portfolio billings, 97.8% of our
multi-family portfolio billings and 83.8% of our other portfolio
billings. As a result of the phased reopenings and rent deferrals,
collections of our retail portfolio billings increased from 49.7%
for the three months ended June 2020,
to 72.6% for three months ended December 31,
2020.
- Operating Assets NOI, including our share of NOI from equity
investments, decreased by 11% to $190.0
million for the year ended December
31, 2020, compared to $214.3
million for the prior year period. The decrease in NOI was
primarily due to rent deferrals and collection reserves related to
our retail properties, declines in occupancy at our recently
reopened hospitality properties and cancellation of the Las Vegas
Aviators 2020 baseball season, all as a result of the COVID-19
pandemic. These decreases were partially offset by new office and
multi-family properties placed in service during 2020 and at the
end of 2019.
- Retail asset NOI increased 44.2% quarter over quarter from
$6.9 million for the three months
ended September 30, 2020, to
$10.0 million for the three months
ended December 31, 2020, primarily as
a result of increased collections and the positive impact of the
holiday season in the fourth quarter.
- We continue to see strong demand for our newly completed
multi-family assets, which have leased at or above our
expectations.
MPC
- MPC segment EBT of $209.4 million
exceeded pre-COVID expectations for the year ended December 31, 2020. While this represents a
decrease of $54.4 million compared to
EBT of $263.8 million in 2019
primarily due to the acceleration of super pad sales into 2019 as a
result of increased demand from homebuilders and homebuyers, the
2020 EBT results demonstrate growth as compared to $208.9 million in 2018 and $196.7 million in 2017.
- New home sales, a leading indicator of future land sales,
increased by 80.2% at The Woodlands Hills, 18.1% at Bridgeland and
8.1% at Summerlin.
Strategic Developments
- Despite the impacts of the COVID-19 pandemic, we experienced a
strong year of condominium unit sales in Ward Village, evidenced by the 302 condominium
units we contracted to sell during 2020. Victoria Place, our newest project that began
public pre-sales in December 2019,
accounted for 268 of the units contracted during the year and was
76.8% presold as of December 31,
2020.
- Subsequent to year end, we closed on 4 units at Waiea and 1
unit at Anaha, totaling $35.2 million
in net revenue.
Seaport District
- Seaport District NOI decreased $1.5
million to a loss of $16.5
million for the year ended December
31, 2020, compared to the prior year period, primarily due
to business closures and cancellation of events related to the
COVID-19 pandemic. Multiple changes were made at the Seaport as a
result of COVID-19 including expanded outdoor seating at our
restaurants, updates to the Tin Building's e-commerce strategy to
include grocery and restaurant delivery and the launch of The
Greens, which replaced the canceled summer concert series.
- Total NOI losses from the Seaport District segment, including
our share of NOI from equity investments, were reduced by 48.9% to
$3.0 million for the three months
ended December 31, 2020, compared to
$6.2 million for the three months
ended September 30, 2020, primarily
due to increased operations and sponsorship revenue recognized in
the fourth quarter as a result of reopenings and cost control.
- In the Fall of 2021, we expect to launch The Lawn Club, a new
concept that will transform 20,000 square feet of the Fulton Market
Building into an immersive indoor/outdoor experience which includes
a massive expanse of indoor grass, a stylish clubhouse bar and a
wide variety of lawn games.
We are primarily focused on creating shareholder value by
increasing our per share net asset value. Often, the nature of our
business results in short-term volatility in our net income due to
the timing of MPC land sales, recognition of condominium revenue
and operating business pre-opening expenses, and, as such, we
believe the following metrics summarized below are most useful in
tracking our progress towards net asset value creation.
|
|
Year Ended
December 31,
|
|
Three Months Ended
December 31,
|
$ in
thousands
|
|
2020
|
|
2019
|
|
Change
|
%
Change
|
|
2020
|
|
2019
|
|
Change
|
%
Change
|
Operating Assets
NOI
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office
|
$
|
114,303
|
|
|
$
|
83,559
|
|
|
$
|
30,744
|
|
37
|
%
|
|
$
|
28,205
|
|
|
$
|
21,641
|
|
|
$
|
6,564
|
|
30
|
%
|
Retail
|
40,019
|
|
|
62,568
|
|
|
(22,549)
|
|
(36)
|
%
|
|
9,998
|
|
|
14,612
|
|
|
(4,614)
|
|
(32)
|
%
|
Multi-family
|
18,798
|
|
|
18,062
|
|
|
736
|
|
4
|
%
|
|
6,512
|
|
|
4,336
|
|
|
2,176
|
|
50
|
%
|
Hospitality
|
2,927
|
|
|
28,843
|
|
|
(25,916)
|
|
(90)
|
%
|
|
(236)
|
|
|
5,424
|
|
|
(5,660)
|
|
(104)
|
%
|
Other
|
2,528
|
|
|
10,374
|
|
|
(7,846)
|
|
(76)
|
%
|
|
1,271
|
|
|
(788)
|
|
|
2,059
|
|
(261)
|
%
|
Company's share NOI
(a)
|
11,474
|
|
|
10,943
|
|
|
531
|
|
5
|
%
|
|
1,362
|
|
|
2,123
|
|
|
(761)
|
|
(36)
|
%
|
Total Operating
Assets NOI
|
(b)
|
$
|
190,049
|
|
|
$
|
214,349
|
|
|
$
|
(24,300)
|
|
(11)
|
%
|
|
$
|
47,112
|
|
|
$
|
47,348
|
|
|
$
|
(236)
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected stabilized
NOI Operating
Assets ($ in millions)
|
$
|
364.8
|
|
|
$
|
367.3
|
|
|
$
|
(2.5)
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MPC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acres Sold -
Residential
|
378
|
|
|
571
|
|
|
(193)
|
|
(34)
|
%
|
|
160
|
|
|
234
|
|
|
(74)
|
|
(32)
|
%
|
Acres Sold -
Commercial
|
17
|
|
|
—
|
|
|
17
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
%
|
Price Per Acre -
Residential
|
$
|
572
|
|
|
$
|
571
|
|
|
$
|
1
|
|
—
|
%
|
|
$
|
614
|
|
|
$
|
610
|
|
|
$
|
4
|
|
1
|
%
|
Price Per Acre -
Commercial
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
130
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
—
|
%
|
MPC
EBT
|
(1)
|
$
|
209,423
|
|
|
$
|
263,841
|
|
|
$
|
(54,418)
|
|
(21)
|
%
|
|
$
|
86,495
|
|
|
$
|
113,973
|
|
|
$
|
(27,478)
|
|
(24)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seaport District
NOI
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historic District
& Pier 17 -
Landlord
|
$
|
(8,526)
|
|
|
$
|
(8,147)
|
|
|
$
|
(379)
|
|
(5)
|
%
|
|
$
|
(3,032)
|
|
|
$
|
(2,991)
|
|
|
$
|
(41)
|
|
(1)
|
%
|
Multi-family
|
290
|
|
|
394
|
|
|
(104)
|
|
(26)
|
%
|
|
30
|
|
|
91
|
|
|
(61)
|
|
(67)
|
%
|
Hospitality
|
(12)
|
|
|
41
|
|
|
(53)
|
|
(129)
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
100
|
%
|
Historic District
& Pier 17 -
Managed Businesses
|
(5,638)
|
|
|
(7,172)
|
|
|
1,534
|
|
21
|
%
|
|
(645)
|
|
|
(2,752)
|
|
|
2,107
|
|
77
|
%
|
Events, Sponsorships
&
Catering Business
|
(2,588)
|
|
|
(136)
|
|
|
(2,452)
|
|
1,803
|
%
|
|
602
|
|
|
400
|
|
|
202
|
|
51
|
%
|
Company's share NOI
(a)
|
(911)
|
|
|
(710)
|
|
|
(201)
|
|
28
|
%
|
|
(124)
|
|
|
(325)
|
|
|
201
|
|
62
|
%
|
Total Seaport
District NOI
|
$
|
(17,385)
|
|
|
$
|
(15,730)
|
|
|
$
|
(1,655)
|
|
11
|
%
|
|
$
|
(3,169)
|
|
|
$
|
(5,577)
|
|
|
$
|
2,408
|
|
(43)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic
Developments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condominium units
contracted to sell (c)
|
36
|
|
|
108
|
|
|
(72)
|
|
(67)
|
%
|
|
9
|
|
|
26
|
|
|
(17)
|
|
(65)
|
%
|
(a)
|
Includes Company's
share of NOI from non-consolidated assets
|
(b)
|
Excludes properties
sold or in redevelopment
|
(c)
|
Includes units at our
buildings that are open or under construction as of
December 31, 2020. Excludes two purchaser defaults at Kō'ula
in the second quarter of 2020. Also excludes 268 units sold at
Victoria Place since construction has not yet
commenced.
|
Financial
Data
|
(1)
|
See the accompanying
appendix for a reconciliation of GAAP to non-GAAP financial
measures and a statement indicating why management believes the
non-GAAP financial measure provides useful information for
investors.
|
About The Howard Hughes Corporation®
The
Howard Hughes Corporation owns, manages and develops commercial,
residential and mixed-use real estate throughout the U.S. Its
award-winning assets include the country's preeminent portfolio of
master planned communities, as well as operating properties and
development opportunities including: the Seaport District in
New York; Downtown Columbia®, Maryland; The
Woodlands®, The Woodlands
Hills®, and Bridgeland® in the
Greater Houston, Texas area;
Summerlin®, Las
Vegas; and Ward
Village® in Honolulu, Hawai'i. The Howard Hughes
Corporation's portfolio is strategically positioned to meet and
accelerate development based on market demand, resulting in one of
the strongest real estate platforms in the country. Dedicated to
innovative place making, the Company is recognized for its ongoing
commitment to design excellence and to the cultural life of its
communities. The Howard Hughes Corporation is traded on the New
York Stock Exchange as HHC. For additional information
visit www.howardhughes.com.
The Howard Hughes Corporation has partnered with Say, the
fintech startup reimagining shareholder communications, to allow
investors to submit and upvote questions they would like to see
addressed on the Company's fourth quarter earnings call. Say
verifies all shareholder positions and provides permission to
participate on the February 26, 2021 call, during which
the Company's leadership will be answering top questions. Utilizing
the Say platform, The Howard Hughes Corporation elevates its
capabilities for responding to Company shareholders, making its
investor relations Q&A more transparent and engaging.
The Howard Hughes Corporation will host its investor conference
call on Friday, February 26, 2021, at 9:00 a.m Central
Standard Time (10:00 a.m. Eastern Standard
Time) to discuss fourth quarter 2020 results. To
participate, please dial 1-877-883-0383 within the U.S.,
1-877-885-0477 within Canada, or
1-412-902-6506 when dialing internationally. All participants
should dial in at least five minutes prior to the scheduled start
time, using 0300450 as the passcode. In addition to dial-in
options, institutional and retail shareholders can participate by
going to app.saytechnologies.com/howardhughes. Shareholders
can email hello@saytechnologies.com for any support
inquiries.
Safe Harbor Statement
We may make forward-looking
statements in this press release and in other reports and
presentations that we file or furnish with the Securities and
Exchange Commission (the "SEC"). In addition, our management may
make forward-looking statements orally to analysts, investors,
creditors, the media and others. Forward- looking statements should
not be relied upon. They give our expectations about the future and
are not guarantees.
These statements involve known and unknown risks, uncertainties
and other factors that may cause our actual results, performance
and achievements to materially differ from any future results,
performance and achievements expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from those expressed or implied by the
forward-looking statements include:
- the near and long-term impact of the COVID-19 pandemic
- our inability to obtain operating and development capital,
including our inability to obtain or refinance debt capital from
lenders and the capital markets
- a prolonged recession in the national economy and adverse
economic conditions in the homebuilding, condominium development,
retail, office and hospitality sectors
- our inability to compete effectively
- the successful transition of our new executive officers
- our ability to execute the Transformation Plan, including the
successful sale of our non-core assets
- natural disasters, terrorist activity, acts of violence,
breaches of our data security, contamination of our properties by
hazardous or toxic substances, or other similar disruptions, as
well as losses that are not insured or exceed the applicable
insurance limits
- our ability to lease new or redeveloped space
- our ability to obtain the necessary governmental permits for
the development of our properties and necessary regulatory
approvals pursuant to an extensive entitlement process involving
multiple and overlapping regulatory jurisdictions, which often
require discretionary action by local governments
- increased construction costs exceeding our original estimates,
delays or overruns, claims for construction defects, or other
factors affecting our ability to develop, redevelop or construct
our properties
- regulation of the portion of our business that is dedicated to
the formation and sale of condominiums, including regulatory
filings to state agencies, additional entitlement processes and
requirements to transfer control to a condominium association's
board of directors in certain situations, as well as defaults by
purchasers on their obligations to purchase condominiums
- fluctuations in regional and local economies, the residential
housing and condominium markets, local real estate conditions,
tenant rental rates and competition from competing retail
properties and the internet
- our indebtedness, including certain restrictions related to our
indebtedness that may limit our ability to operate our
business
- our ability to retain key executive personnel
- our ability to collect rent, attract tenants and customers to
our hotels
- our directors' involvement or interests in other businesses,
including real estate activities and investments
- our inability to control certain of our properties due to the
joint ownership of such property and our inability to successfully
attract desirable strategic partners
- catastrophic events or geo-political conditions, such as the
COVID-19 pandemic, that may disrupt our business
For more information about risks and uncertainties associated
with our business, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of our SEC filings, including, but not
limited to, our Annual Report on Form 10-K, copies of which may be
obtained on our Investor Relations website at
investor.howardhughes.com. Any factor could, by itself, or together
with one or more other factors, adversely affect our business,
results of operations, plans, objectives, future performance or
financial condition. There may be other factors currently unknown
to us that we have not described in our Annual Report or other SEC
filings that could cause results to differ from our expectations.
These forward-looking statements present our estimates and
assumptions as of the date of this press release. Except as may be
required by law, we undertake no obligation to modify or revise any
forward-looking statements to reflect events or circumstances
occurring after the date of this release.
Our Financial Presentation
As discussed throughout
this release, we use certain non-GAAP performance measures, in
addition to the required GAAP presentations, as we believe these
measures improve the understanding of our operational results and
make comparisons of operating results among peer companies more
meaningful. We continually evaluate the usefulness, relevance,
limitations and calculation of our reported non-GAAP performance
measures to determine how best to provide relevant information to
the public, and thus such reported measures could change. A
non-GAAP financial measure used throughout this release is Net
operating income ("NOI"). We provide a more detailed discussion
about this non-GAAP measure in our reconciliation of non-GAAP
measures provided in the appendix in this earnings release.
Media Contact
The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
Vice President, Corporate Communications & Public Relations
cristina.carlson@howardhughes.com
Investor Relations
The Howard Hughes Corporation
David M. Striph, 281-929-7772
Executive Vice President, Head of Operations & Investor
Relations
david.striph@howardhughes.com
David R. O'Reilly,
972-392-6236
Chief Executive Officer & Interim Chief Financial Officer
david.o'reilly@howardhughes.com
THE HOWARD HUGHES
CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
UNAUDITED
|
|
|
Year Ended
December 31,
|
|
Three Months Ended
December 31,
|
thousands except per share amounts
|
2020
|
|
2019
|
|
2020
|
|
2019
|
REVENUES
|
|
|
|
|
|
|
|
Condominium rights and
unit sales
|
$
|
1,143
|
|
|
$
|
448,940
|
|
|
$
|
958
|
|
|
$
|
5,009
|
|
Master Planned
Communities land sales
|
233,044
|
|
|
330,146
|
|
|
96,991
|
|
|
153,145
|
|
Rental
revenue
|
323,182
|
|
|
278,806
|
|
|
81,660
|
|
|
72,638
|
|
Other land, rental and
property revenues
|
105,048
|
|
|
206,966
|
|
|
22,956
|
|
|
41,912
|
|
Builder price
participation
|
37,072
|
|
|
35,681
|
|
|
11,136
|
|
|
11,457
|
|
Total
revenues
|
699,489
|
|
|
1,300,539
|
|
|
213,701
|
|
|
284,161
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
Condominium rights and
unit cost of sales
|
108,229
|
|
|
369,759
|
|
|
2,893
|
|
|
4,435
|
|
Master Planned
Communities cost of sales
|
101,505
|
|
|
141,852
|
|
|
42,945
|
|
|
63,724
|
|
Operating
costs
|
226,791
|
|
|
294,486
|
|
|
58,028
|
|
|
72,957
|
|
Rental property real
estate taxes
|
52,815
|
|
|
36,861
|
|
|
8,590
|
|
|
8,276
|
|
Provision for
(recovery of) doubtful accounts
|
6,009
|
|
|
(414)
|
|
|
1,055
|
|
|
(219)
|
|
Demolition
costs
|
—
|
|
|
855
|
|
|
—
|
|
|
118
|
|
Development-related
marketing costs
|
8,166
|
|
|
23,067
|
|
|
1,625
|
|
|
6,193
|
|
General and
administrative
|
109,402
|
|
|
162,506
|
|
|
24,647
|
|
|
70,184
|
|
Depreciation and
amortization
|
217,467
|
|
|
155,798
|
|
|
56,472
|
|
|
40,656
|
|
Total
expenses
|
830,384
|
|
|
1,184,770
|
|
|
196,255
|
|
|
266,324
|
|
|
|
|
|
|
|
|
|
OTHER
|
|
|
|
|
|
|
|
Provision for
impairment
|
(48,738)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on sale or
disposal of real estate and
other assets, net
|
59,942
|
|
|
22,362
|
|
|
13,710
|
|
|
(1,689)
|
|
Other income (loss),
net
|
130
|
|
|
12,179
|
|
|
923
|
|
|
381
|
|
Total other
|
11,334
|
|
|
34,541
|
|
|
14,633
|
|
|
(1,308)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(119,561)
|
|
|
150,310
|
|
|
32,079
|
|
|
16,529
|
|
|
|
|
|
|
|
|
|
Selling profit from
sales-type leases
|
—
|
|
|
13,537
|
|
|
—
|
|
|
—
|
|
Interest
income
|
2,368
|
|
|
9,797
|
|
|
460
|
|
|
2,101
|
|
Interest
expense
|
(132,257)
|
|
|
(105,374)
|
|
|
(33,540)
|
|
|
(29,016)
|
|
Gain (loss) on
extinguishment of debt
|
(13,169)
|
|
|
4,641
|
|
|
(3)
|
|
|
4,641
|
|
Equity in earnings
(losses) from real estate and
other affiliates
|
271,099
|
|
|
30,629
|
|
|
1,464
|
|
|
9,782
|
|
Income (loss) before
income taxes
|
8,480
|
|
|
103,540
|
|
|
460
|
|
|
4,037
|
|
Income tax expense
(benefit)
|
11,653
|
|
|
29,245
|
|
|
8,450
|
|
|
5,038
|
|
Net income
(loss)
|
(3,173)
|
|
|
74,295
|
|
|
(7,990)
|
|
|
(1,001)
|
|
Net (income) loss
attributable to noncontrolling
interests
|
(22,981)
|
|
|
(339)
|
|
|
1,344
|
|
|
(99)
|
|
Net income (loss)
attributable to common
stockholders
|
$
|
(26,154)
|
|
|
$
|
73,956
|
|
|
$
|
(6,646)
|
|
|
$
|
(1,100)
|
|
|
|
|
|
|
|
|
|
Basic income (loss)
per share
|
$
|
(0.50)
|
|
|
$
|
1.71
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.03)
|
|
Diluted income (loss)
per share
|
$
|
(0.50)
|
|
|
$
|
1.71
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.03)
|
|
THE HOWARD HUGHES
CORPORATION
CONSOLIDATED
BALANCE SHEETS
UNAUDITED
|
|
|
December
31,
|
thousands except par values and
share amounts
|
2020
|
|
2019
|
ASSETS
|
|
|
|
Investment in real
estate:
|
|
|
|
Master Planned
Communities assets
|
$
|
1,687,519
|
|
|
$
|
1,655,674
|
|
Buildings and
equipment
|
4,115,493
|
|
|
3,813,595
|
|
Less: accumulated
depreciation
|
(634,064)
|
|
|
(507,933)
|
|
Land
|
363,447
|
|
|
353,022
|
|
Developments
|
1,152,674
|
|
|
1,445,997
|
|
Net property and
equipment
|
6,685,069
|
|
|
6,760,355
|
|
Investment in real
estate and other affiliates
|
377,145
|
|
|
121,757
|
|
Net investment in real
estate
|
7,062,214
|
|
|
6,882,112
|
|
Net investment in
lease receivable
|
2,926
|
|
|
79166
|
|
Cash and cash
equivalents
|
1,014,686
|
|
|
422,857
|
|
Restricted
cash
|
228,311
|
|
|
197,278
|
|
Accounts receivable,
net
|
7,437
|
|
|
12,279
|
|
Municipal Utility
District receivables, net
|
314,394
|
|
|
280,742
|
|
Notes receivable,
net
|
622
|
|
|
36,379
|
|
Deferred expenses,
net
|
112,097
|
|
|
133,182
|
|
Operating lease
right-of-use assets, net
|
56,255
|
|
|
69398
|
|
Prepaid expenses and
other assets, net
|
341,390
|
|
|
300,373
|
|
Total
assets
|
$
|
9,140,332
|
|
|
$
|
8,413,766
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Mortgages, notes and
loans payable, net
|
$
|
4,287,369
|
|
|
$
|
4,096,470
|
|
Operating lease
obligations
|
68,929
|
|
|
70,413
|
|
Deferred tax
liabilities
|
187,639
|
|
|
180,748
|
|
Accounts payable and
accrued expenses
|
852,258
|
|
|
733,147
|
|
Total
liabilities
|
5,396,195
|
|
|
5,080,778
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
29,114
|
|
|
—
|
|
|
|
|
|
EQUITY
|
|
|
|
Preferred stock: $.01
par value; 50,000,000 shares authorized, none issued
|
—
|
|
|
—
|
|
Common stock: $.01
par value; 150,000,000 shares authorized, 56,042,814 issued and
54,972,256 outstanding as of December 31, 2020, and 43,635,893
shares issued and
42,585,633 outstanding as of December 31, 2019
|
562
|
|
|
437
|
|
Additional paid-in
capital
|
3,947,278
|
|
|
3,343,983
|
|
Accumulated
deficit
|
(72,556)
|
|
|
(46,385)
|
|
Accumulated other
comprehensive loss
|
(38,590)
|
|
|
(29,372)
|
|
Treasury stock, at
cost, 1,070,558 and 1,050,260 shares as of December 31, 2020
and
2019
|
(122,091)
|
|
|
(120,530)
|
|
Total stockholders'
equity
|
3,714,603
|
|
|
3,148,133
|
|
Noncontrolling
interests
|
420
|
|
|
184,855
|
|
Total
equity
|
3,715,023
|
|
|
3,332,988
|
|
Total liabilities and
equity
|
$
|
9,140,332
|
|
|
$
|
8,413,766
|
|
Appendix – Reconciliation of Non-GAAP
Measures
For the Year and Three Months Ended
December 31, 2020 and 2019
Below are GAAP to non-GAAP reconciliations of certain financial
measures, as required under Regulation G of the Securities Exchange
Act of 1934. Non-GAAP information should be considered by the
reader in addition to, but not instead of, the financial statements
prepared in accordance with GAAP. The non-GAAP financial
information presented may be determined or calculated differently
by other companies and may not be comparable to similarly titled
measures.
As a result of our four segments, Operating Assets, Master
Planned Communities ("MPC"), Seaport District and Strategic
Developments, being managed separately, we use different operating
measures to assess operating results and allocate resources among
these four segments. The one common operating measure used to
assess operating results for our business segments is earnings
before tax ("EBT"). EBT, as it relates to each business segment,
represents the revenues less expenses of each segment, including
interest income, interest expense and equity in earnings of real
estate and other affiliates. EBT excludes corporate expenses and
other items that are not allocable to the segments. We present EBT
because we use this measure, among others, internally to assess the
core operating performance of our assets. However, segment EBT
should not be considered as an alternative to GAAP net income.
|
|
|
|
|
Year Ended
December 31,
|
|
Three Months Ended
December 31,
|
thousands
|
2020
|
|
2019
|
|
$
Change
|
|
2020
|
|
2019
|
|
$
Change
|
Operating Assets
Segment EBT
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
(a)
|
$
|
372,057
|
|
|
$
|
400,131
|
|
|
$
|
(28,074)
|
|
|
$
|
91,856
|
|
|
$
|
94,736
|
|
|
$
|
(2,880)
|
|
Total operating
expenses (b)
|
(185,480)
|
|
|
(187,322)
|
|
|
1,842
|
|
|
(43,428)
|
|
|
(47,733)
|
|
|
4,305
|
|
Segment operating
income (loss)
|
186,577
|
|
|
212,809
|
|
|
(26,232)
|
|
|
48,428
|
|
|
47,003
|
|
|
1,425
|
|
Depreciation and
amortization
|
(162,324)
|
|
|
(115,499)
|
|
|
(46,825)
|
|
|
(46,845)
|
|
|
(30,609)
|
|
|
(16,236)
|
|
Interest income
(expense), net
|
(91,411)
|
|
|
(81,029)
|
|
|
(10,382)
|
|
|
(21,070)
|
|
|
(20,334)
|
|
|
(736)
|
|
Other income (loss),
net
|
540
|
|
|
1,142
|
|
|
(602)
|
|
|
390
|
|
|
(44)
|
|
|
434
|
|
Equity in earnings
(losses) from real estate and
other affiliates
|
(7,366)
|
|
|
3,672
|
|
|
(11,038)
|
|
|
(13,197)
|
|
|
477
|
|
|
(13,674)
|
|
Gain (loss) on sale
or disposal of real estate and
other assets, net
|
38,232
|
|
|
—
|
|
|
38,232
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Selling profit from
sales-type leases
|
—
|
|
|
13,537
|
|
|
(13,537)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on
extinguishment of debt
|
(1,521)
|
|
|
—
|
|
|
(1,521)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Provision for
impairment
|
(48,738)
|
|
|
—
|
|
|
(48,738)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Operating Assets
segment EBT
|
(86,011)
|
|
|
34,632
|
|
|
(120,643)
|
|
|
(32,294)
|
|
|
(3,507)
|
|
|
(28,787)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master Planned
Communities Segment EBT
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
283,953
|
|
|
386,781
|
|
|
(102,828)
|
|
|
112,436
|
|
|
170,739
|
|
|
(58,303)
|
|
Total operating
expenses
|
(128,597)
|
|
|
(183,472)
|
|
|
54,875
|
|
|
(49,846)
|
|
|
(73,796)
|
|
|
23,950
|
|
Segment operating
income (loss)
|
155,356
|
|
|
203,309
|
|
|
(47,953)
|
|
|
62,590
|
|
|
96,943
|
|
|
(34,353)
|
|
Depreciation and
amortization
|
(365)
|
|
|
(424)
|
|
|
59
|
|
|
(92)
|
|
|
(90)
|
|
|
(2)
|
|
Interest income
(expense), net
|
36,587
|
|
|
32,019
|
|
|
4,568
|
|
|
10,554
|
|
|
7,643
|
|
|
2,911
|
|
Other income (loss),
net
|
—
|
|
|
601
|
|
|
(601)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Equity in earnings
(losses) from real estate and
other affiliates
|
17,845
|
|
|
28,336
|
|
|
(10,491)
|
|
|
13,442
|
|
|
9,477
|
|
|
3,965
|
|
MPC segment
EBT
|
209,423
|
|
|
263,841
|
|
|
(54,418)
|
|
|
86,494
|
|
|
113,973
|
|
|
(27,479)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seaport District
Segment EBT
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
23,814
|
|
|
55,645
|
|
|
(31,831)
|
|
|
7,644
|
|
|
12,594
|
|
|
(4,950)
|
|
Total operating
expenses
|
(46,112)
|
|
|
(77,872)
|
|
|
31,760
|
|
|
(11,815)
|
|
|
(18,137)
|
|
|
6,322
|
|
Segment operating
income (loss)
|
(22,298)
|
|
|
(22,227)
|
|
|
(71)
|
|
|
(4,171)
|
|
|
(5,543)
|
|
|
1,372
|
|
Depreciation and
amortization
|
(41,602)
|
|
|
(26,381)
|
|
|
(15,221)
|
|
|
(6,777)
|
|
|
(6,668)
|
|
|
(109)
|
|
Interest income
(expense), net
|
(12,512)
|
|
|
(12,865)
|
|
|
353
|
|
|
(22)
|
|
|
(4,425)
|
|
|
4,403
|
|
Other income (loss),
net
|
(2,616)
|
|
|
(22)
|
|
|
(2,594)
|
|
|
(429)
|
|
|
125
|
|
|
(554)
|
|
Equity in earnings
(losses) from real estate and
other affiliates
|
(9,292)
|
|
|
(2,592)
|
|
|
(6,700)
|
|
|
(328)
|
|
|
(804)
|
|
|
476
|
|
Gain (loss) on sale
or disposal of real estate and
other assets, net
|
—
|
|
|
(6)
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on
extinguishment of debt
|
(11,648)
|
|
|
4,851
|
|
|
(16,499)
|
|
|
(3)
|
|
|
4,851
|
|
|
(4,854)
|
|
Seaport District
segment EBT
|
(99,968)
|
|
|
(59,242)
|
|
|
(40,726)
|
|
|
(11,730)
|
|
|
(12,464)
|
|
|
734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic
Developments Segment EBT
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
19,407
|
|
|
457,948
|
|
|
(438,541)
|
|
|
1,658
|
|
|
6,075
|
|
|
(4,417)
|
|
Total operating
expenses
|
(135,160)
|
|
|
(391,848)
|
|
|
256,688
|
|
|
(8,422)
|
|
|
(9,507)
|
|
|
1,085
|
|
Segment operating
income (loss)
|
(115,753)
|
|
|
66,100
|
|
|
(181,853)
|
|
|
(6,764)
|
|
|
(3,432)
|
|
|
(3,332)
|
|
Depreciation and
amortization
|
(6,545)
|
|
|
(5,473)
|
|
|
(1,072)
|
|
|
(1,491)
|
|
|
(1,087)
|
|
|
(404)
|
|
Interest income
(expense), net
|
6,312
|
|
|
11,321
|
|
|
(5,009)
|
|
|
1,403
|
|
|
1,822
|
|
|
(419)
|
|
Other income (loss),
net
|
2,165
|
|
|
831
|
|
|
1,334
|
|
|
738
|
|
|
167
|
|
|
571
|
|
Equity in earnings
(losses) from real estate and
other affiliates
|
269,912
|
|
|
1,213
|
|
|
268,699
|
|
|
1,547
|
|
|
632
|
|
|
915
|
|
Gain (loss) on sale
or disposal of real estate and
other assets, net
|
21,710
|
|
|
27,119
|
|
|
(5,409)
|
|
|
13,710
|
|
|
3,062
|
|
|
10,648
|
|
Strategic Developments
EBT
|
177,801
|
|
|
101,111
|
|
|
76,690
|
|
|
9,143
|
|
|
1,164
|
|
|
7,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Segment EBT
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
699,231
|
|
|
1,300,505
|
|
|
(601,274)
|
|
|
213,594
|
|
|
284,144
|
|
|
(70,550)
|
|
Total operating
expenses
|
(495,349)
|
|
|
(840,514)
|
|
|
345,165
|
|
|
(113,511)
|
|
|
(149,173)
|
|
|
35,662
|
|
Segment operating
income (loss)
|
203,882
|
|
|
459,991
|
|
|
(256,109)
|
|
|
100,083
|
|
|
134,971
|
|
|
(34,888)
|
|
Depreciation and
amortization
|
(210,836)
|
|
|
(147,777)
|
|
|
(63,059)
|
|
|
(55,205)
|
|
|
(38,454)
|
|
|
(16,751)
|
|
Provision for
impairment
|
(48,738)
|
|
|
—
|
|
|
(48,738)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
(expense), net
|
(61,024)
|
|
|
(50,554)
|
|
|
(10,470)
|
|
|
(9,135)
|
|
|
(15,294)
|
|
|
6,159
|
|
Other income (loss),
net
|
89
|
|
|
2,552
|
|
|
(2,463)
|
|
|
699
|
|
|
248
|
|
|
451
|
|
Equity in earnings
(losses) from real estate and
other affiliates
|
271,099
|
|
|
30,629
|
|
|
240,470
|
|
|
1,464
|
|
|
9,782
|
|
|
(8,318)
|
|
Gain (loss) on sale
or disposal of real estate and
other assets, net
|
59,942
|
|
|
27,113
|
|
|
32,829
|
|
|
13,710
|
|
|
3,062
|
|
|
10,648
|
|
Selling profit from
sales-type leases
|
—
|
|
|
13,537
|
|
|
(13,537)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on
extinguishment of debt
|
(13,169)
|
|
|
4,851
|
|
|
(18,020)
|
|
|
(3)
|
|
|
4,851
|
|
|
(4,854)
|
|
Consolidated segment
EBT
|
201,245
|
|
|
340,342
|
|
|
(139,097)
|
|
|
51,613
|
|
|
99,166
|
|
|
(47,553)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate income,
expenses and other items
|
(204,418)
|
|
|
(266,047)
|
|
|
61,629
|
|
|
(59,603)
|
|
|
(100,167)
|
|
|
40,564
|
|
Net income
(loss)
|
(3,173)
|
|
|
74,295
|
|
|
(77,468)
|
|
|
(7,990)
|
|
|
(1,001)
|
|
|
(6,989)
|
|
Net (income) loss
attributable to noncontrolling
interests
|
(22,981)
|
|
|
(339)
|
|
|
(22,642)
|
|
|
1,344
|
|
|
(99)
|
|
|
1,443
|
|
Net income (loss)
attributable to common
stockholders
|
$
|
(26,154)
|
|
|
$
|
73,956
|
|
|
$
|
(100,110)
|
|
|
$
|
(6,646)
|
|
|
$
|
(1,100)
|
|
|
$
|
(5,546)
|
|
(a)
|
Total revenues
includes hospitality revenues of $35.2 million for the year ended
December 31, 2020, $87.9 million for the year ended December 31,
2019, $7.3 million for the three months ended December 31, 2020,
and $19.3 million for the three months ended December 31,
2019.
|
(b)
|
Total operating
expenses includes hospitality operating costs of $32.3 million for
the year ended December 31, 2020, $60.2 million for the year ended
December 31, 2019, $7.5 million for the three months ended December
31, 2020, and $13.9 million for the three months ended December 31,
2019.
|
NOI
We believe that NOI is a useful supplemental
measure of the performance of our Operating Assets and Seaport
District portfolio because it provides a performance measure that,
when compared year over year, reflects the revenues and expenses
directly associated with owning and operating real estate
properties and the impact on operations from trends in rental and
occupancy rates and operating costs. We define NOI as operating
revenues (rental income, tenant recoveries and other revenue) less
operating expenses (real estate taxes, repairs and maintenance,
marketing and other property expenses, including our share of NOI
from equity investees). NOI excludes straight-line rents and
amortization of tenant incentives, net; interest expense, net;
ground rent amortization, demolition costs; other income (loss);
amortization; depreciation; development-related marketing cost;
gain on sale or disposal of real estate and other assets, net;
provision for impairment and equity in earnings from real estate
and other affiliates. All management fees have been eliminated for
all internally-managed properties. We use NOI to evaluate our
operating performance on a property-by-property basis because NOI
allows us to evaluate the impact that property-specific factors
such as lease structure, lease rates and tenant base have on our
operating results, gross margins and investment returns. Variances
between years in NOI typically result from changes in rental rates,
occupancy, tenant mix and operating expenses. Although we believe
that NOI provides useful information to investors about the
performance of our Operating Assets and Seaport District assets,
due to the exclusions noted above, NOI should only be used as an
additional measure of the financial performance of the assets of
this segment of our business and not as an alternative to GAAP Net
income (loss). For reference, and as an aid in understanding our
computation of NOI, a reconciliation of segment EBT to NOI for
Operating Assets and Seaport District has been presented in the
tables below.
|
Year Ended
December 31,
|
|
Three Months
Ended
December 31,
|
thousands
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Total Operating
Assets segment EBT (a)
|
$
|
(86,011)
|
|
|
$
|
34,632
|
|
|
$
|
(32,294)
|
|
|
$
|
(3,507)
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
162,324
|
|
|
115,499
|
|
|
46,845
|
|
|
30,609
|
|
Interest (income)
expense, net
|
91,411
|
|
|
81,029
|
|
|
21,070
|
|
|
20,334
|
|
Equity in (earnings)
losses from real estate and other affiliates
|
7,366
|
|
|
(3,672)
|
|
|
13,197
|
|
|
(477)
|
|
(Gain) loss on sale
or disposal of real estate and other assets, net
|
(38,232)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(Gain) loss on
extinguishment of debt
|
1,521
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Selling profit from
sales-type leases
|
—
|
|
|
(13,537)
|
|
|
—
|
|
|
—
|
|
Provision for
impairment
|
48,738
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Impact of
straight-line rent
|
(7,630)
|
|
|
(9,007)
|
|
|
(3,045)
|
|
|
(1,096)
|
|
Other
|
99
|
|
|
671
|
|
|
(24)
|
|
|
412
|
|
Total Operating
Assets NOI - Consolidated
|
179,586
|
|
|
205,615
|
|
|
45,749
|
|
|
46,275
|
|
|
|
|
|
|
|
|
|
Redevelopments
|
|
|
|
|
|
|
|
110 North
Wacker
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
Total Operating
Asset Redevelopments NOI
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
|
|
|
|
|
|
100 Fellowship
Drive
|
(1,011)
|
|
|
(2,214)
|
|
|
1
|
|
|
(1,051)
|
|
Total Operating
Asset Dispositions NOI
|
(1,011)
|
|
|
(2,214)
|
|
|
1
|
|
|
(1,051)
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Assets NOI excluding properties sold or in
redevelopment
|
178,575
|
|
|
203,406
|
|
|
45,750
|
|
|
45,225
|
|
|
|
|
|
|
|
|
|
Company's Share NOI -
Equity Investees (b)
|
7,750
|
|
|
7,318
|
|
|
1,362
|
|
|
2,123
|
|
Distributions from
Summerlin Hospital Investment
|
3,724
|
|
|
3,625
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Total Operating
Assets NOI
|
$
|
190,049
|
|
|
$
|
214,349
|
|
|
$
|
47,112
|
|
|
$
|
47,348
|
|
(a)
|
Segment EBT excludes
corporate expenses and other items that are not allocable to the
segments.
|
(b)
|
The Company's share
of NOI related to 110 North Wacker is calculated using our stated
ownership of 18% and does not include the impact of the partnership
distribution waterfall.
|
|
Year Ended
December 31,
|
|
Three Months
Ended
December 31,
|
thousands
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Total Seaport
District segment EBT (a)
|
$
|
(99,968)
|
|
$
|
(59,242)
|
|
$
|
(11,730)
|
|
|
$
|
(12,464)
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
41,602
|
|
26,381
|
|
6,777
|
|
|
6,668
|
|
Interest (income)
expense, net
|
12,512
|
|
12,865
|
|
22
|
|
|
4,425
|
|
Equity in (earnings)
losses from real estate and other affiliates
|
9,292
|
|
2,592
|
|
328
|
|
|
804
|
|
(Gain) loss on sale
or disposal of real estate and other assets, net
|
—
|
|
6
|
|
—
|
|
|
—
|
|
(Gain) loss on
extinguishment of debt
|
11,648
|
|
(4,851)
|
|
3
|
|
|
(4,851)
|
|
Impact of
straight-line rent
|
2,801
|
|
1,634
|
|
441
|
|
|
(24)
|
|
Other (income) loss,
net (a)
|
5,639
|
|
5,595
|
|
1,114
|
|
|
190
|
|
Total Seaport
District NOI - Consolidated
|
(16,474)
|
|
(15,020)
|
|
(3,045)
|
|
|
(5,252)
|
|
|
|
|
|
|
|
|
|
Company's Share
NOI - Equity Investees
|
(911)
|
|
(710)
|
|
(124)
|
|
|
(325)
|
|
|
|
|
|
|
|
|
|
Total Seaport
District NOI
|
(17,385)
|
|
(15,730)
|
|
$
|
(3,169)
|
|
|
$
|
(5,577)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Segment EBT excludes
corporate expenses and other items that are not allocable to the
segments.
|
(b)
|
Includes
miscellaneous development-related items as well as the loss related
to the write-off of inventory due to the permanent closure of 10
Corso Como Retail and Café in the first quarter of 2020, and income
related to inventory liquidation sales in the third quarter of
2020.
|
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SOURCE The Howard Hughes Corporation