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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended September 30, 2022

or

     Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission file number 001-34856
hhc-20220930_g1.jpg
THE HOWARD HUGHES CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware36-4673192
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification number)
 
9950 Woodloch Forest Drive, Suite 1100, The Woodlands, Texas 77380
(Address of principal executive offices, including zip code)
 
(281) 719-6100
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes    ☐ No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes    ☐ No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes     No
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered:
Common stock, par value $0.01 per share HHC New York Stock Exchange
 
The number of shares of common stock, $0.01 par value, outstanding as of October 26, 2022, was 49,900,872.


TABLE OF CONTENTSPage
Item 1.Financial Statements
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


FINANCIAL STATEMENTS
PART I

Item 1. Condensed Consolidated Financial Statements (Unaudited)

THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except par values and share amounts
September 30, 2022
December 31, 2021
ASSETS
Investment in real estate:
Master Planned Communities assets$2,396,689 $2,282,768 
Buildings and equipment4,177,563 3,962,441 
Less: accumulated depreciation(841,363)(743,311)
Land307,037 322,439 
Developments1,085,302 1,208,907 
Net property and equipment7,125,228 7,033,244 
Investment in real estate and other affiliates261,615 369,949 
Net investment in real estate7,386,843 7,403,193 
Net investment in lease receivable2,897 2,913 
Cash and cash equivalents354,605 843,212 
Restricted cash571,703 373,425 
Accounts receivable, net95,364 86,388 
Municipal Utility District receivables, net506,666 387,199 
Notes receivable, net4,700 7,561 
Deferred expenses, net123,815 119,825 
Operating lease right-of-use assets, net47,629 57,022 
Prepaid expenses and other assets, net414,459 300,956 
Total assets$9,508,681 $9,581,694 
LIABILITIES
Mortgages, notes and loans payable, net$4,627,411 $4,591,157 
Operating lease obligations51,716 69,363 
Deferred tax liabilities228,396 204,837 
Accounts payable and accrued expenses1,050,267 983,167 
Total liabilities5,957,790 5,848,524 
Commitments and Contingencies (see Note 9)
Redeemable noncontrolling interest 22,500 
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued
  
Common stock: $0.01 par value; 150,000,000 shares authorized, 56,307,386 issued and 49,901,001 outstanding as of September 30, 2022, 56,173,276 shares issued and 54,065,661 outstanding as of December 31, 2021
564 563 
Additional paid-in capital3,969,840 3,960,418 
Retained earnings (accumulated deficit)115,326 (16,456)
Accumulated other comprehensive income (loss)9,884 (14,457)
Treasury stock, at cost, 6,406,385 shares as of September 30, 2022, and 2,107,615 shares as of December 31, 2021
(609,724)(220,073)
Total stockholders' equity3,485,890 3,709,995 
Noncontrolling interests65,001 675 
Total equity3,550,891 3,710,670 
Total liabilities and equity$9,508,681 $9,581,694 

See Notes to Condensed Consolidated Financial Statements.
HHC 2022 FORM 10-Q | 2

FINANCIAL STATEMENTS
THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
thousands except per share amounts2022202120222021
REVENUES
Condominium rights and unit sales$418,645 $163 $459,681 $50,191 
Master Planned Communities land sales52,585 56,305 199,032 152,124 
Rental revenue96,917 95,215 296,081 269,590 
Other land, rental and property revenues52,550 56,350 119,870 120,982 
Builder price participation18,852 11,155 51,819 29,338 
Total revenues639,549 219,188 1,126,483 622,225 
EXPENSES
Condominium rights and unit cost of sales295,300 82 329,026 68,485 
Master Planned Communities cost of sales19,355 23,419 75,304 63,928 
Operating costs85,089 90,025 236,763 219,866 
Rental property real estate taxes12,118 14,812 40,314 42,519 
Provision for (recovery of) doubtful accounts106 154 2,238 (1,944)
General and administrative19,471 19,033 60,874 61,133 
Depreciation and amortization50,015 56,299 147,584 155,395 
Other2,902 4,063 7,985 8,253 
Total expenses484,356 207,887 900,088 617,635 
OTHER
Provision for impairment   (13,068)
Gain (loss) on sale or disposal of real estate and other assets, net 39,141 4,009 60,474 
Other income (loss), net2,004 (1,307)2,497 (12,278)
Total other2,004 37,834 6,506 35,128 
Operating income (loss)157,197 49,135 232,901 39,718 
Interest income995 12 1,273 84 
Interest expense(24,373)(31,556)(79,963)(97,205)
Gain (loss) on extinguishment of debt (1,577)(645)(37,543)
Equity in earnings (losses) from real estate and other affiliates7,708 (7,848)19,528 15,815 
Income (loss) before income taxes141,527 8,166 173,094 (79,131)
Income tax expense (benefit)33,858 6,049 41,822 (16,706)
Net income (loss)107,669 2,117 131,272 (62,425)
Net (income) loss attributable to noncontrolling interests427 1,936 510 4,725 
Net income (loss) attributable to common stockholders$108,096 $4,053 $131,782 $(57,700)
Basic income (loss) per share$2.19 $0.07 $2.59 $(1.04)
Diluted income (loss) per share$2.19 $0.07 $2.59 $(1.04)

See Notes to Condensed Consolidated Financial Statements.
HHC 2022 FORM 10-Q | 3

FINANCIAL STATEMENTS
THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 Three Months Ended September 30,
Nine Months Ended September 30,
thousands2022202120222021
Net income (loss)$107,669 $2,117 $131,272 $(62,425)
Other comprehensive income (loss):
Interest rate swaps (a)7,522 2,971 31,064 11,232 
Reclassification of the Company's share of previously deferred derivative gains to net income (b)  (6,723) 
Share of investee’s other comprehensive income (c) 1,508  4,083 
Other comprehensive income (loss)7,522 4,479 24,341 15,315 
Comprehensive income (loss)115,191 6,596 155,613 (47,110)
Comprehensive (income) loss attributable to noncontrolling interests427 1,936 510 4,725 
Comprehensive income (loss) attributable to common stockholders$115,618 $8,532 $156,123 $(42,385)
(a)Amounts are shown net of tax expense of $2.2 million for the three months ended September 30, 2022, $0.8 million for the three months ended September 30, 2021, $9.3 million for the nine months ended September 30, 2022, and $3.1 million for the nine months ended September 30, 2021.
(b)In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investment in Real Estate and Other Affiliates for additional information.
(c)Amount is shown net of tax expense of $0.4 million for the three months ended September 30, 2021, and $1.2 million for the nine months ended September 30, 2021.

See Notes to Condensed Consolidated Financial Statements.

HHC 2022 FORM 10-Q | 4

FINANCIAL STATEMENTS
THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
RetainedAccumulated
AdditionalEarningsOtherTotal
Common StockPaid-In(AccumulatedComprehensiveTreasury StockStockholders'NoncontrollingTotal
thousands except sharesSharesAmountCapitalDeficit)(Loss) IncomeSharesAmountEquityInterestsEquity
Balance at June 30, 2022
56,295,548 $564 $3,967,194 $7,230 $2,362 (6,032,999)$(583,952)$3,393,398 $50,403 $3,443,801 
Net income (loss)— — — 108,096 — — — 108,096 (427)107,669 
Interest rate swaps, net of tax expense (benefit) of $2,247
— — — — 7,522 — — 7,522 — 7,522 
Issuance of Teravalis noncontrolling interest— — — — — — — — 15,025 15,025 
Repurchase of common shares— — — — — (368,806)(25,440)(25,440)— (25,440)
Stock plan activity11,838 — 2,646 — — (4,580)(332)2,314 — 2,314 
Balance at September 30, 2022
56,307,386 $564 $3,969,840 $115,326 $9,884 (6,406,385)$(609,724)$3,485,890 $65,001 $3,550,891 
Balance at June 30, 2021
56,196,818 $563 $3,955,162 $(134,309)$(27,754)(1,070,558)$(122,091)$3,671,571 $332 $3,671,903 
Net income (loss) excluding income (loss) of $(1,595) attributable to redeemable noncontrolling interest
— — — 4,053 — — — 4,053 (341)3,712 
Interest rate swaps, net of tax expense (benefit) of $831
— — — — 2,971 — — 2,971 — 2,971 
Share of investee's other comprehensive income, net of tax expense (benefit) of $429
— — — — 1,508 — — 1,508 — 1,508 
Stock plan activity— — 2,652 — — (1,774)(162)2,490 — 2,490 
Balance at September 30, 2021
56,196,818 $563 $3,957,814 $(130,256)$(23,275)(1,072,332)$(122,253)$3,682,593 $(9)$3,682,584 

See Notes to Condensed Consolidated Financial Statements.
HHC 2022 FORM 10-Q | 5

FINANCIAL STATEMENTS
THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
RetainedAccumulated
AdditionalEarningsOtherTotal
Common StockPaid-In(AccumulatedComprehensiveTreasury StockStockholders'NoncontrollingTotal
thousands except sharesSharesAmountCapitalDeficit)Income (Loss)SharesAmountEquityInterestsEquity
Balance at December 31, 2021
56,173,276 $563 $3,960,418 $(16,456)$(14,457)(2,107,615)$(220,073)$3,709,995 $675 $3,710,670 
Net income (loss)— — — 131,782 — — — 131,782 (510)131,272 
Interest rate swaps, net of tax expense (benefit) of $9,279
— — — — 31,064 — — 31,064 — 31,064 
Deconsolidation of Associations of Unit Owners— — — — — — — — (210)(210)
Issuance of Teravalis noncontrolling interest— — — — — — — — 65,046 65,046 
Reclassification of the Company’s share of previously deferred derivative gains, net of tax expense of $1,912 (a)
— — — — (6,723)— — (6,723)— (6,723)
Repurchase of common shares— — — — — (4,283,874)(388,372)(388,372)— (388,372)
Stock plan activity134,110 1 9,422 — — (14,896)(1,279)8,144 — 8,144 
Balance at September 30, 2022
56,307,386 $564 $3,969,840 $115,326 $9,884 (6,406,385)$(609,724)$3,485,890 $65,001 $3,550,891 
Balance at December 31, 2020
56,042,814 $562 $3,947,278 $(72,556)$(38,590)(1,070,558)$(122,091)$3,714,603 $420 $3,715,023 
Net income (loss) excluding income (loss) of $(4,296) attributable to redeemable noncontrolling interest
— — — (57,700)— — — (57,700)(429)(58,129)
Interest rate swaps, net of tax expense (benefit) of $3,145
— — — — 11,232 — — 11,232 — 11,232 
Share of investee's other comprehensive income, net of tax expense (benefit) of $1,161
— — — — 4,083 — — 4,083 — 4,083 
Issuance of common shares— — (5)— — — — (5)— (5)
Stock plan activity154,004 1 10,541 — — (1,774)(162)10,380 — 10,380 
Balance at September 30, 2021
56,196,818 $563 $3,957,814 $(130,256)$(23,275)(1,072,332)$(122,253)$3,682,593 $(9)$3,682,584 
(a)In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investment in Real Estate and Other Affiliates for additional information.

See Notes to Condensed Consolidated Financial Statements.
HHC 2022 FORM 10-Q | 6

FINANCIAL STATEMENTS
THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
thousands
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss)$131,272 $(62,425)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation132,378 140,867 
Amortization12,793 12,408 
Amortization of deferred financing costs 7,922 7,676 
Amortization of intangibles other than in-place leases2,457 2,024 
Straight-line rent amortization(3,948)(6,547)
Deferred income taxes 16,193 (17,975)
Restricted stock and stock option amortization9,174 7,432 
Net gain on sale of properties(4,018)(60,479)
Net gain on sale of equity method investments(5,016) 
(Gain) loss on extinguishment of debt645 37,543 
Impairment charges 13,799 
Equity in (earnings) losses from real estate and other affiliates, net of distributions and impairment charges(6,037)23,000 
Provision for doubtful accounts(1,918)(1,175)
Master Planned Community development expenditures(286,178)(215,559)
Master Planned Community cost of sales69,498 55,445 
Condominium development expenditures(235,104)(240,228)
Condominium rights and units cost of sales316,612 66,033 
Net Changes:
Accounts and notes receivable7,557 (17,737)
Prepaid expenses and other assets(36,739)(15,008)
Condominium deposits received, net141,500 240,730 
Deferred expenses(19,419)(14,115)
Accounts payable and accrued expenses(34,120)3,891 
Cash provided by (used in) operating activities215,504 (40,400)
CASH FLOWS FROM INVESTING ACTIVITIES  
Property and equipment expenditures(1,270)(1,223)
Operating property improvements(40,237)(27,064)
Property development and redevelopment(270,889)(178,734)
Proceeds from sales of properties, net33,081