Boston, MA, 03/14/2014 – Howard Hughes Corp (NYSE:HHC) has issued a letter to its shareholders describing key highlights and strategic aims achieved by the company in 2013.
Excellent Financial Results
The letter claimed that the company has made substantial development in generating value at its most important assets and had delivered strong financial results. The company’s consolidated revenues were $475 million of which MPC land sales had surged up to $246 million, that is by 36%. The operating income and income from non consolidated affiliates was $118 million. This is comparable to $76 million in the previous year. Cash flow from operations was $129 million in the year. The company invested 4376 million in the pre development and advanced projects. Further, it also took benefits from low interest rates by collecting %750 million of cash by issuing covenant-lite bonds. This allowed the company to remain flexible in the course of developing assets which can have good long term value. Howard Hughes Corp had $895 million of unrestricted cash at the end of 2013. It had a net debt of 28% against its equity capital base.
Howard Hughes Corp (NYSE:HHC) focused on its core assets, which play the most vital role in its value creation. Among these were the South Street Seaport in Lower Manhattan; the planned communities in Texas, Maryland, Columbia, Houston, Las Vegas, and Nevada; Ward Village, which is an urban master planned community in Honolulu, Hawaii; and the Shops at Summerlin in Las Vegas. Howard Hughes Corp is also restructuring several of its assets such as The Outlet Collection at Riverwalk in New Orleans, Louisiana.
Howard Hughes Corp (NYSE:HHC)’s constructions in the Woodlands, Hawaii, Columbia, Las Vegas, New Orleans and New York City represent 1.3 million sq ft of office, 2.5 million sq ft of retail with total project costs of $1.3 billion approximately. Howard Hughes Corp seeks to deliver outstanding results and continue the trend through 2012 even in 2014.