HOUSTON, July 17,
2023 /PRNewswire/ -- The Howard Hughes
Corporation® (NYSE: HHC) (the "Company") today announced that its
Board of Directors has authorized the Company to create a newly
incorporated holding company structure—The Howard Hughes Holding
Corporation—which will become the new parent company of The Howard
Hughes Corporation and replace it as the company that is publicly
traded on the New York Stock Exchange. Existing shares of The
Howard Hughes Corporation stock will be automatically converted, on
a one-for-one basis, into shares of common stock of The Howard
Hughes Holding Corporation, which will retain the ticker symbol
"HHC" as trading continues uninterrupted on the NYSE. The Board and
the executive officers of the Company will continue in their same
roles at the new company.
The Company believes that implementation of the reorganization
will promote the growth of its businesses, including by providing
additional flexibility to fund future investment opportunities and
to segregate assets and related liabilities in separate
subsidiaries.
The holding company reorganization is intended to be a tax-free
transaction for U.S. federal income tax purposes for the Company
stockholders. The holding company reorganization is expected
to be effective August 11, 2023, or
as soon as practicable thereafter.
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 in
New York City; Downtown Columbia®,
Maryland; The Woodlands®,
Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin®,
Las Vegas; Ward Village® in
Honolulu, Hawaiʻi; and
Teravalis™ in the Greater Phoenix,
Arizona area. 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.
Media Contact
Cristina Carlson, 646-822-6910
SVP, Head of Corporate Communications
cristina.carlson@howardhughes.com
Investor Relations
Eric
Holcomb, 281-475-2144
SVP, Investor Relations
eric.holcomb@howardhughes.com
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SOURCE The Howard Hughes Corporation
