Howard Hughes Corp. (HHC) Post Q2 FFO of $0.86

Howard Hughes Corp. (NYSE: HHC) reported Q2 FFO of $0.86, $0.14 better than the analyst estimate of $0.72.

• Net income attributable to common stockholders was $3.1 million and $7.0 million, or $0.07 and $0.16 per diluted share, for the three months ended June 30, 2017 and 2016, respectively.
• Funds From Operations (“FFO”), as defined by NAREIT, was $37.0 million and $32.0 million, or $0.86 and $0.75 per diluted share, for the three months ended June 30, 2017 and 2016, respectively.
• Core FFO was $94.5 million and $116.5 million, or $2.20 per diluted share and $2.73 per diluted share, for the three months ended June 30, 2017 and 2016, respectively.
• Total NOI from operating assets was $39.0 million, an increase of $1.8 million or 4.7% compared to the second quarter of 2016, driven by growth in our office, hospitality, and multifamily assets.
• MPC segment revenue was $78.1 million, an increase of $6.2 million or 8.6% compared to the second quarter of 2016.
• Sold an additional 35 units at Ward Village in Honolulu, increasing the percentage of total units closed or under contract at our four projects under construction to 85.1% as of June 30, 2017.
• Opened HHC 2978 Self-Storage, our second self-storage facility in The Woodlands. The project is 6.4% leased as of June 30, 2017, and we expect both of our self-storage properties in The Woodlands to stabilize by 2020.
• Issued an additional $200.0 million in 5.375% senior notes due 2025 at a premium of 2.25% with an implied yield-to-worst of approximately 4.92%, with proceeds intended for repayments of property level indebtedness and construction financings.
• Finalized a 15-year build-to-suit lease with Aristocrat Technologies, Inc. for a two-building campus encompassing approximately 180,000 square feet on 12 acres near Downtown Summerlin.
• Began construction on our second office building in Downtown Summerlin, a 152,000 square foot Class A building with an adjacent 424-space parking structure on 4 acres.
• Executed a lease with Bank of America to fill nearly 500,000 square feet or approximately 35% of the building as the lead anchor tenant at 110 North Wacker Drive in Chicago, Illinois with construction planned to commence in early 2018.

For earnings history and earnings-related data on Howard Hughes Corp. (HHC) click here.

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