Howard Hughes Corp. (HHC) Tops Q4 EPS by 37c, Revenues Beat

Howard Hughes Corp. (NYSE: HHC) reported Q4 EPS of ($0.03), $0.37 better than the analyst estimate of ($0.40). Revenue for the quarter came in at $284.16 million versus the consensus estimate of $230.45 million.

"Our final quarter of 2019 was marked by significant progress on our transformation plan commitments to sell non-core properties and to focus resources into the growth of our core MPC business. Our acquisition of The Woodlands Towers at The Waterway increases our office portfolio within the award-winning The Woodlands MPC by approximately 50% and reinforces our standing as the community\'s steward and largest stakeholder. Overall, our MPCs continue to rank among the top-selling communities in the country with Summerlin and Bridgeland again being ranked by RCLCO as the third and 12th highest selling master planned communities in the nation for 2019. Home sales, a leading indicator of future land purchases by home builders, are up 15% for the year across all our MPCs, and we had a 25% increase in residential acres sold this year over 2018 across our MPC segment.

"Further, we have made meaningful progress towards our goal of having rental NOI comfortably cover interest expense and steady-state corporate costs by realizing 20% growth in Operating Assets NOI over 2018 and making substantial progress in the reduction in our run rate general and administrative costs that will be realized throughout 2020.

"In Honolulu, we continued our momentum at Ward Village by delivering Ke Kilohana and beginning construction on Kō\'ula, which was 74% pre-sold at year end. Demand to live in our community remains high as evidenced by sales at Kō\'ula, and in January 2020, we began public pre-sales on Victoria Place, our seventh condominium project, which as of February 21st is already 53.0% presold.

"In New York, we continue to make substantial progress in accomplishing our vision for the Seaport District and have celebrated the openings of multiple retail and restaurant attractions throughout the year, including the critically acclaimed The Fulton, by Jean Georges. We remain confident in our vision for the Seaport District and the lasting impact it will make for years to come,\" said Paul H. Layne, Chief Executive Officer.

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

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