THE HOWARD HUGHES CORPORATION (NYSE:HHC) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure
The information contained in this Current Report on Form8-K to
this Item 7.01 Regulation FD Disclosure is being furnished. This
information shall not be deemed to be filed for the purposes of
Section18 of the Securities Exchange Act of 1934 (the Exchange
Act) or otherwise subject to the liabilities of that section or
shall such information be deemed incorporated by reference in any
filing under the Securities Act of 1933 or the Exchange Act,
unless specifically identified therein as being incorporated by
reference.
On May17, 2017, The Howard Hughes Corporation (the Company) will
hold an Investor Day presentation at the iPic Theaters in New
York, NY, beginning at 9:45 a.m.EDT. The event will also be
webcast at www.howardhughes.com and may also be accessed by
telephone by dialing 1-877-883-0383 within the U.S.,
1-877-885-0477 within Canada, or 1-412-902-6506 when dialing
internationally, using the passcode 6927780.
The presentation material is attached hereto as Exhibit99.1 and
has been posted on our website at www.howardhughes.com under the
Investors tab. An audio replay of the presentation can be
accessed 24 hours a day through June17, 2017 by dialing
1-877-344-7529 within the U.S., 1-855-669-9658 within Canada, or
1-412-317-0088 when dialing internationally, using the passcode
10104979.
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL
MEASURES
FORWARD-LOOKING STATEMENTS
Statements made in the Investor Day Presentation attached to this
Form8-K on Exhibit99.1 that are not historical facts, including
statements accompanied by words such as anticipate, believe,
estimate, expect, forecast, intend, likely, may, plan, project,
realize, should, transform, would, and other statements of
similar expression and other words of similar expression, are
forward-looking statements within the meaning of Section27A of
the Securities Act of 1933, as amended, and Section21E of the
Securities Exchange Act of 1934. These statements are based on
managements expectations, estimates, assumptions and projections
as of the date of the Investor Day presentation 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 our most recent Annual Report on
Form10-K filed with the Securities and Exchange Commission. In
the Investor Day Presentation, forward-looking statements
include, but are not limited to, expectations about the
performance of our Master Planned Communities segment and other
current income producing properties and future liquidity,
development opportunities, development spending and management
plans. We caution you not to place undue reliance on the
forward-looking statements contained in the Investor Day
Presentation and do 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
the Investor Day presentation except as required by law.
NON-GAAP FINANCIAL MEASURES
The Company believes that net operating income, or NOI, a
non-GAAP financial measure, is a useful supplemental measure of
the performance of our Operating Assets because it provides a
performance measure that, when compared year over year, reflects
the revenues and expenses directly associated with owning and
operating real estate properties and the impact on operations
from trends in rental and occupancy rates and operating costs. We
define NOI as operating revenues (rental income, tenant
recoveries and other revenues) less operating expenses (real
estate taxes, repairs and maintenance, marketing and other
property expenses). NOI excludes straight line rents and
amortization of tenant incentives, net interest expense, ground
rent amortization, demolition costs, amortization, depreciation,
development-related marketing costs and Equity in earnings from
Real Estate and Other Affiliates.
We use NOI to evaluate our operating performance on a
property-by-property basis because NOI allows us to evaluate
the impact that factors, which vary by property, such as lease
structure, lease rates and tenant base have on our operating
results, gross margins and investment returns.
Although we believe that NOI provides useful information to the
investors about the performance of our Operating Assets due to
the exclusions noted above, NOI should only be used as an
additional measure of the financial performance of such assets
and not as an alternative to GAAP net income (loss).
For a reconciliation of NOI to the most directly comparable
GAAP measure see the tables at the end of the Investor Day
Presentation attached to this Form8-K on Exhibit99.1. No
reconciliation of projected NOI is included in the Investor Day
Presentation because we are unable to quantify certain amounts
that would be required to be included in the GAAP measure
without unreasonable efforts and we believe such
reconciliations would imply a degree of precision that would be
confusing or misleading to investors.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
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ExhibitNo. |
|
Description |
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99.1 |
Investor Day Presentation dated May17, 2017. |
About THE HOWARD HUGHES CORPORATION (NYSE:HHC)
The Howard Hughes Corporation is a developer of master planned communities and mixed use properties. The Company is engaged in the ownership, management and the redevelopment or repositioning of real estate assets, as well as other real estate opportunities in the form of entitled and unentitled land and other development rights, also called Strategic Developments. It operates through three segments: Master Planned Communities, Operating Assets and Strategic Developments. Its Master Planned Communities segment consists of the development and sale of residential land and the development of commercial land to hold, develop or sell. Its master planned communities include The Woodlands, Summerlin, Maryland, Bridgeland and The Woodlands Hills. As of December 31, 2016, its Operating Assets segment included 54 properties, investments and other assets. As of December 31, 2016, the Strategic Developments segment included 23 development projects. THE HOWARD HUGHES CORPORATION (NYSE:HHC) Recent Trading Information
THE HOWARD HUGHES CORPORATION (NYSE:HHC) closed its last trading session down -1.29 at 128.71 with 221,291 shares trading hands.
