Howard Hughes Corporation

Rank#2842

Market Cap4.10B

CountryUnited States

Summary

The Howard Hughes Corporation owns, manages, and develops commercial, residential, and hospitality operating properties in the United States. It operates through four segments: Operating Assets; Master Planned Communities (MPCs); Seaport District; and Strategic Developments. As of December 31, 2020, the Operating Assets segment owned 15 retail, 33 office, 12 multi-family, 3 hospitality, and 13 other operating assets and investments primarily located in The Woodlands, Texas; Chicago, Illinois; Columbia, Maryland; Las Vegas, Nevada; and Honolulu, Hawaii. The MPCs segment develops and sells detached and attached single family homes, and range from entry-level to luxury homes to residential homebuilders and developers; and sells or leases land for commercial development, including land parcels designated for retail, office, hospitality, and residential projects. The Seaport District segment is involved in the landlord operations, managed businesses, and events and sponsorships. The Strategic Development segment invests in residential condominium and commercial property projects. This segment consists of 18 development or redevelopment projects. The Howard Hughes Corporation was founded in 2010 and is headquartered in Dallas, Texas.

History

General Growth Properties filed for Chapter 11 bankruptcy protection in 2009. The company proposed a reorganization plan that included spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income. The name of the proposed spin-off was later changed to The Howard Hughes Corporation . The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy. The new company held a portfolio that included GGP's master planned communities, mixed-use developments, and undeveloped land. Hedge fund manager Bill Ackman was appointed chairman of the new company.In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including the possibility of selling the company. Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets. HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan.

Mission

The Howard Hughes Corporation’s mission is to be the preeminent developer and operator of master planned communities and mixed-use properties. We create timeless places and extraordinary experiences that inspire people while driving sustainable, long-term growth and value for our shareholders.

Vision

The Howard Hughes Corporation strives to be a leader in the development of innovative, high-quality properties that generate long-term returns through design, development, and management. Our goal is to create sustainable, thriving communities and experiences that enhance the lives of our customers and drive economic growth.

References

https://en.wikipedia.org/wiki/Howard_Hughes_Corporation

https://in.investing.com/equities/howard-hughes-corp

https://finance.yahoo.com/quote/HHC/profile?p=HHC

https://www.comparably.com/companies/howard-hughes-corporation/mission

https://www.crunchbase.com/organization/howard-hughes-4964

https://sec.report/CIK/0001498828

https://companiesmarketcap.com/

https://www.howardhughes.com

Leadership team

Mr. David R. O'Reilly (CEO & Director)

Mr. L. Jay Cross (Pres)