DALLAS, June 27, 2019 /PRNewswire/ -- In light of
recent media speculation, The Howard Hughes Corporation®
(NYSE: HHC) today confirmed that its Board of Directors is
conducting a broad review of potential strategic alternatives to
maximize shareholder value. The Board is committed to exploring
this review to best serve the interests of the company's
shareholders.
The Board has retained Centerview Partners to assist in its
strategic review. A broad range of options is being considered
including a sale, joint venture or spin-off of a portion of the
company's assets; a recapitalization of the company; changes in the
corporate structure of the company; or a sale of the company.
David R. Weinreb, Chief Executive
Officer said, "Our business continues to perform extremely well
across our three core segments, with price per acre of land sold,
net operating income, and condo sales all exceeding our
expectations; however, our stock continues to languish below its
net asset value per share. The Board and management are determined
to close the significant gap between our share price and the
company's underlying net asset value. We look forward to reporting
to shareholders on the results of our strategic review and will
remain focused on executing our plans during this evaluation
process."
The company has not set a timetable for the conclusion of its
review of strategic alternatives and will provide an update as
appropriate.
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; Columbia, Maryland; The Woodlands®, The
Woodlands Hills, and Bridgeland® in the Greater Houston, Texas area; Summerlin®,
Las Vegas; and Ward
Village® in Honolulu,
Hawaiʻi. 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 placemaking, 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.
Safe Harbor Statement
Statements made in this press
release that are not historical facts, including statements
accompanied by words such as "will," "believe," "expect,"
"enables," "realize", "plan," "intend," "assume," "transform" and
other words of similar expression, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's expectations,
estimates, assumptions, and projections as of the date of this
release and are not guarantees of future performance. Actual
results may differ materially from those expressed or implied in
these statements. Factors that could cause actual results to differ
materially are set forth as risk factors in The Howard Hughes
Corporation's filings with the Securities and Exchange Commission,
including its Quarterly and Annual Reports. The Howard Hughes
Corporation cautions you not to place undue reliance on the
forward-looking statements contained in this release.
The Howard Hughes Corporation does not undertake any obligation
to publicly update or revise any forward-looking statements to
reflect future events, information or circumstances that arise
after the date of this release.
Contacts:
For Media
Steve Lipin /
Lauren Odell
Gladstone Place Partners
212-230-5930
For Investor Relations
David
O'Reilly
Chief Financial Officer
david.o'reilly@howardhughes.com
214-741-7744
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SOURCE The Howard Hughes Corporation