Saibus Research
Long/short equity, deep value, value, special situations

Howard Hughes Enjoys Solid Growth Due To Strong Summerlin Land Sales

Our firm owns The Howard Hughes Corporation (NYSE:HHC) and we have owned it since November 2010, when it was spun-off from General Growth Properties (NYSE:GGP). We are pleased that our investment has nearly doubled in this time. We are more pleased with the fact that Howard Hughes is no longer buried under GGP's ownership and now is its own independent company. Howard Hughes saw its revenues bottom out in 2009 at $136.3M, which included $34.6M in Master Planned Community land sales. HHC exceeded our 2012 revenue projections of $350M in total revenue (HHC achieved $377M) and $160M in MPC sales (HHC achieved $183M). We expect HHC's total revenue to potentially reach $420M in 2013 and MPC...

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