The Howard Hughes Corp., developer of The Woodlands, Bridgeland and its newest community, The Woodlands Hills, posted a second-quarter loss as its retail and hospitality properties were slammed by the pandemic.
The Houston-based company posted a loss of $34.1 million, or 61 cents per share, compared with net income of $13.5 million, or 31 cents per share in the year-earlier period, the company announced late Monday. Second-quarter revenue was $156.2 million, down 64 percent from $431.3 in the previous year’s quarter.
Going into the second half of the year, the Hughes Corp. said land sales and new home sales at its master-planned communities remained strong amid demand for a suburban lifestyle.
Suburban silver linings: Hughes Corp. CEO sees wide-open future
“We believe that this continued strength is a testament to the exceptional quality of life that residents are seeking—now more than ever—including walkable communities in beautiful, natural settings with urban conveniences, outstanding amenities, low density, and expansive open green space with hiking and biking trails,” CEO Paul Layne said in am earnings release.
The company also recently reopened its three hotel properties in The Woodlands and said retail collections have been improving.
During the quarter, the company collected about 50 percent of its retail rents, 95.4 percent of its office billings and 96.6 percent of its apartment rents.
As of July 28, the company’s collections had increased in each property type, including 64.1 percent of its retail billings.
The Hughes Corp. owns, manages and develops commercial, residential and mixed-use real estate throughout the United States. Its other properties include the Seaport District in New York; Columbia, Maryland; The Woodlands Hills in greater Houston; Summerlin in Las Vegas and Ward Village in Honolulu.
"corp" - Google News
August 04, 2020 at 06:00PM
https://ift.tt/33n0dpm
Houston-based Howard Hughes Corp. posts $34 million loss - Houston Chronicle
"corp" - Google News
https://ift.tt/2RhVoHj
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Houston-based Howard Hughes Corp. posts $34 million loss - Houston Chronicle"
Post a Comment