{"id":523445,"date":"2021-08-04T16:16:46","date_gmt":"2021-08-04T20:16:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-howard-hughes-corporation-reports-second-quarter-2021-results\/"},"modified":"2021-08-04T16:16:46","modified_gmt":"2021-08-04T20:16:46","slug":"the-howard-hughes-corporation-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-howard-hughes-corporation-reports-second-quarter-2021-results\/","title":{"rendered":"The Howard Hughes Corporation\u00ae Reports Second Quarter 2021 Results"},"content":{"rendered":"
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Robust financial results highlighted by strong improvement in Operating Asset NOI, continued growth of MPC EBT, and elevated condo sales at Ward Village\u00ae<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HOUSTON<\/span>, Aug. 4, 2021<\/span> \/PRNewswire\/ — The\u00a0Howard Hughes Corporation\u00ae<\/sup> (NYSE: HHC) (the “Company,” “HHC” or “we”) announced today operating results for the second quarter ended June\u00a030, 2021. The financial statements, exhibits and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as available through the Investors section of our website, provide further detail of these results.<\/p>\n

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The Howard Hughes Corporation\u00ae Reports Second Quarter 2021 Results<\/div>\n

“The second quarter represented another period of strong financial performance at The Howard Hughes Corporation. All of our business segments have now either surpassed or are closely approaching pre-pandemic levels, which is a testament to our dedicated employees, irreplaceable assets and highly sought-after communities. As we turn our attention to the future, we are well positioned to capture this continued momentum as we capitalize on the post-pandemic shifts in residential and commercial real estate trends,” commented David R. O’Reilly<\/span>, Chief Executive Officer of The Howard Hughes Corporation.<\/p>\n

“Net operating income (NOI)(1)<\/sup> in our Operating Assets segment grew for the third consecutive quarter, representing a 44% increase from the lows of the third quarter of 2020. These results were highlighted by improvements within retail, hospitality and the Las Vegas Ballpark, all of which demonstrate the continued recovery in the assets most impacted by the pandemic.<\/p>\n

“In our master planned community (MPC) segment, superpad sales and earnings from our Summit joint venture in Summerlin\u00ae<\/sup> drove earnings before taxes (EBT)(1)<\/sup> higher by 66% to $70 million<\/span> compared to the same period last year. Similarly, new home sales increased 23% over the same period as the demand for housing in our communities has remained strong.<\/p>\n

“Demand at Ward Village<\/span>\u00ae<\/sup> continues to surpass expectations with ninety-one units contracted in the first half of 2021 despite travel restrictions to Hawai’i. The pace of condo sales has remained vigorous with 86% of the units already pre-sold in our three towers currently under construction.<\/p>\n

“At the Seaport, we experienced an increase in event bookings and elevated restaurant activity following the easement of most COVID-related restrictions. On The Rooftop at Pier 17\u00ae<\/sup>, we began hosting a wide variety of events including our summer concert series, which was on hiatus last year as a result of the pandemic. Additionally, we opened five restaurants during the quarter, two of which were new concepts at Pier 17 by acclaimed chef Andrew Carmellini<\/span>: Carne Mare<\/span> and Mister Dips. Our growing set of culinary offerings continue to transform the Seaport into one of the premier dining destinations in all of Manhattan<\/span>.”<\/p>\n

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\n Second Quarter 2021 Highlights<\/u>
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