Howard Hughes Corp. said a sharp rise in sales of new homes in its master-planned communities during the third quarter were a result of buyers moving outside of densely populated cities as they look for more open spaces and urban-style amenities.
"While the impact of COVID-19 affected all of our business segments in the first half of the year, we saw notable performance improvements and significant sales momentum during the third quarter," David O’Reilly, the company's interim chief executive, said in an earnings report.
Home sales in The Woodlands Hills, Bridgeland and the Las Vegas community of Summerlin were up 185 percent, 32 percent and 27 percent, respectively, in the third quarter compared with a year earlier.
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Hughes Corp., which recently relocated its corporate headquarters to The Woodlands from Dallas as part of a broader transformation plan, owns, manages and develops some of the country’s largest master-planned communities, as well as retail centers, office buildings, apartments, hotels and condominium properties.
The company cited improvements in its retail rent collections and higher occupancy levels in its hotels as business travelers and weekend vacationers return. Retail collections were 66 percent compared with 50 percent in the previous quarter. Rent collections in office and multifamily properties were 97.3 percent and 98.5 percent, respectively.
Overall revenue fell to $154.4 million during the quarter, down 33 percent from $231.2 in the year-ago period. Net income was $139.7 million, or $2.51 per share, compared with $29.8 million (69 cents) a year earlier.
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November 06, 2020 at 08:00PM
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Howard Hughes Corp. highlights stronger home sales in Q3 - Houston Chronicle
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