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Section 1: 10-Q (10-Q)

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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 June 30, 2019
 
or
 
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission file number 001-34856
 
THE HOWARD HUGHES CORPORATION
(Exact name of registrant as specified in its charter) 
 
 
Delaware
36-4673192
(State or other jurisdiction of
(I.R.S. employer
incorporation or organization)
identification number)
 
13355 Noel Road, 22nd Floor, Dallas, Texas 75240
(Address of principal executive offices, including zip code)
 
(214) 741-7744
(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 filer
 
Accelerated 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(s)
 
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 July 31, 2019 was 43,145,329.
 


Table of Contents


THE HOWARD HUGHES CORPORATION
 
TABLE OF CONTENTS
 
 
 
 
PAGE
NUMBER
 
 
 
 
 
 
 
 
 
 
Item 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2:
 
 
 
 
 
Item 3:
 
 
 
 
 
Item 4:
 
 
 
 
 
 
 
 
 
Item 1:
 
 
 
 
 
Item 1A:
 
 
 
 
 
Item 2:
 
 
 
 
 
Item 3:
 
 
 
 
 
Item 4:
 
 
 
 
 
Item 5:
 
 
 
 
 
Item 6:
 
 
 
 
 
 
 
 
 


2
 

Table of Contents


PART I FINANCIAL INFORMATION 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS 
UNAUDITED
(In thousands, except par values and share amounts)
 
June 30, 2019
 
December 31, 2018
Assets:
 
 
 
 
Investment in real estate:
 
 
 
 
Master Planned Communities assets
 
$
1,675,536

 
$
1,642,660

Buildings and equipment
 
3,136,130

 
2,932,963

Less: accumulated depreciation
 
(444,461
)
 
(380,892
)
Land
 
303,384

 
297,596

Developments
 
1,349,855

 
1,290,068

Net property and equipment
 
6,020,444

 
5,782,395

Investment in real estate and other affiliates
 
117,821

 
102,287

Net investment in real estate
 
6,138,265

 
5,884,682

Cash and cash equivalents
 
650,702

 
499,676

Restricted cash
 
197,898

 
224,539

Accounts receivable, net
 
19,980

 
12,589

Municipal Utility District receivables, net
 
273,169

 
222,269

Notes receivable, net
 
300

 
4,694

Deferred expenses, net
 
108,198

 
95,714

Operating lease right-of-use assets, net
 
71,176

 

Prepaid expenses and other assets, net
 
249,490

 
411,636

Total assets
 
$
7,709,178

 
$
7,355,799

 
 
 
 
 
Liabilities:
 
 
 
 
Mortgages, notes and loans payable, net
 
$
3,422,490

 
$
3,181,213

Operating lease obligations
 
71,125

 

Deferred tax liabilities
 
166,033

 
157,188

Accounts payable and accrued expenses
 
697,763

 
779,272

Total liabilities
 
4,357,411

 
4,117,673

 
 
 
 
 
Commitments and contingencies (see Note 9)
 


 


 
 
 
 
 
Equity:
 
 
 
 
Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued
 

 

Common stock: $.01 par value; 150,000,000 shares authorized, 43,661,694 shares issued and 43,141,845 outstanding as of June 30, 2019 and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018
 
437

 
436

Additional paid-in capital
 
3,329,062

 
3,322,433

Accumulated deficit
 
(75,043
)
 
(120,341
)
Accumulated other comprehensive loss
 
(28,542
)
 
(8,126
)
Treasury stock, at cost, 519,849 shares as of June 30, 2019 and December 31, 2018
 
(62,190
)
 
(62,190
)
Total stockholders' equity
 
3,163,724

 
3,132,212

Noncontrolling interests
 
188,043

 
105,914

Total equity
 
3,351,767

 
3,238,126

Total liabilities and equity
 
$
7,709,178

 
$
7,355,799

See Notes to Condensed Consolidated Financial Statements.

3
 

Table of Contents


THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
UNAUDITED
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands, except per share amounts)
 
2019
 
2018
    
2019
 
2018
Revenues:
 
 
 
 
 
 

 
 

Condominium rights and unit sales
 
$
235,622

 
$
20,885

 
$
433,932

 
$
31,722

Master Planned Communities land sales
 
58,321

 
52,432

 
99,633

 
98,997

Minimum rents
 
54,718

 
50,509

 
108,804

 
99,912

Tenant recoveries
 
13,512

 
12,250

 
27,020

 
25,002

Hospitality revenues
 
25,576

 
22,569

 
48,505

 
45,630

Builder price participation
 
9,369

 
5,628

 
14,564

 
10,709

Other land revenues
 
5,569

 
4,712

 
10,298

 
8,843

Other rental and property revenues
 
28,629

 
12,020

 
42,450

 
21,869

Total revenues
 
431,316

 
181,005

 
785,206

 
342,684

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Condominium rights and unit cost of sales
 
220,620

 
28,816

 
358,314

 
35,545

Master Planned Communities cost of sales
 
28,006

 
26,383

 
44,824

 
52,426

Master Planned Communities operations
 
12,387

 
10,587

 
24,082

 
20,912

Other property operating costs
 
41,322

 
25,730

 
78,586

 
48,905

Rental property real estate taxes
 
9,674

 
7,502

 
19,505

 
15,629

Rental property maintenance costs
 
4,152

 
3,951

 
8,329

 
7,148

Hospitality operating costs
 
16,607

 
15,417

 
32,230

 
30,984

(Recovery) provision for doubtful accounts
 
(86
)
 
1,359

 
(88
)
 
2,135

Demolition costs
 
550

 
6,660

 
599

 
13,331

Development-related marketing costs
 
5,839

 
7,188

 
11,541

 
13,266

General and administrative
 
30,072

 
26,886

 
55,404

 
51,150

Depreciation and amortization
 
38,918

 
29,087

 
75,049

 
57,275

Total expenses
 
408,061

 
189,566

 
708,375

 
348,706

 
 
 
 
 
 
 
 
 
Other:
 
 
 
 
 
 
 
 
Loss on sale or disposal of real estate
 
(144
)
 

 
(150
)
 

Other income, net
 
10,288

 
266

 
10,461

 
266

Total other
 
10,144

 
266

 
10,311

 
266

 
 
 
 
 
 
 
 
 
Operating income (loss)
 
33,399

 
(8,295
)
 
87,142

 
(5,756
)
 
 
 
 
 
 
 
 
 
Interest income
 
2,251

 
2,603

 
4,824

 
4,679

Interest expense
 
(24,203
)
 
(18,903
)
 
(47,529
)
 
(35,512
)
Equity in earnings from real estate and other affiliates
 
6,354

 
16,299

 
16,305

 
30,685

Income (loss) before taxes
 
17,801

 
(8,296
)
 
60,742

 
(5,904
)
Provision for (benefit from) income taxes
 
4,473

 
(2,417
)
 
15,489

 
(1,859
)
Net income (loss)
 
13,328

 
(5,879
)
 
45,253

 
(4,045
)
Net loss attributable to noncontrolling interests
 
149

 
791

 
45

 
431

Net income (loss) attributable to common stockholders
 
$
13,477

 
$
(5,088
)
 
$
45,298

 
$
(3,614
)
 
 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
$
0.31

 
$
(0.12
)
 
$
1.05

 
$
(0.08
)
 
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
$
0.31

 
$
(0.12
)
 
$
1.05

 
$
(0.08
)
See Notes to Condensed Consolidated Financial Statements.

4
 

Table of Contents


 THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
UNAUDITED
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
13,328

 
$
(5,879
)
 
$
45,253

 
$
(4,045
)
Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Interest rate swaps (a)
 
(13,108
)
 
5,353

 
(19,052
)
 
13,398

Capitalized swap interest (expense) income (b)
 
(22
)
 
49

 
(73
)
 
59

Pension adjustment (c)
 

 
(2,010
)
 

 
(2,010
)
Adoption of ASU 2018-02 (d)
 

 

 

 
(1,148
)
Adoption of ASU 2017-12 (e)
 

 

 

 
(739
)
Terminated swap amortization
 
(653
)
 
(80
)
 
(1,291
)
 
(80
)
Other comprehensive (loss) income
 
(13,783
)
 
3,312

 
(20,416
)
 
9,480

Comprehensive income
 
(455
)
 
(2,567
)
 
24,837

 
5,435

Comprehensive income attributable to noncontrolling interests
 
149

 
791

 
45

 
431

Comprehensive income attributable to common stockholders
 
$
(306
)
 
$
(1,776
)
 
$
24,882

 
$
5,866

 
(a)
Amounts are shown net of deferred tax benefit of $3.8 million and deferred tax expense of $1.8 million for the three months ended June 30, 2019 and 2018, respectively, and $6.0 million and $3.9 million for the six months ended June 30, 2019 and 2018, respectively.
(b)
The deferred tax impact was not meaningful for the three and six months ended June 30, 2019 and 2018, respectively.
(c)
Net of deferred tax benefit of $0.6 million for the three and six months ended June 30, 2018, respectively.
(d)
The Company adopted Accounting Standards Update ("ASU") 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, as of January 1, 2018.
(e)
The Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as of January 1, 2018.

See Notes to Condensed Consolidated Financial Statements.


5
 

Table of Contents


    
THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
UNAUDITED

 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
Other
 
 
 
 
 
Total
 
 
 
 
 
 
Common Stock
 
Paid-In
 
Accumulated
 
Comprehensive
 
Treasury Stock
 
Stockholders'
 
Noncontrolling
 
Total
(In thousands, except shares)
 
Shares
 
Amount
 
Capital
 
Deficit
 
(Loss) Income
 
Shares
 
Amount
 
Equity
 
Interests
 
Equity
Balance, March 31, 2018
 
43,491,595

 
$
436

 
$
3,310,421

 
$
(175,879
)
 
$
(797
)
 
(505,293
)
 
$
(60,743
)
 
$
3,073,438

 
$
5,925

 
$
3,079,363

Net loss
 

 

 

 
(5,088
)
 

 

 

 
(5,088
)
 
(791
)
 
(5,879
)
Interest rate swaps, net of tax of $1,807
 

 

 

 

 
5,353

 

 

 
5,353

 

 
5,353

Terminated swap amortization
 

 

 

 

 
(80
)
 

 

 
(80
)
 

 
(80
)
Pension adjustment, net of tax of $641
 

 

 

 

 
(2,010
)
 

 

 
(2,010
)
 

 
(2,010
)
Capitalized swap interest, net of tax of $13
 

 

 

 

 
49

 

 

 
49

 

 
49

Repurchase of common shares
 

 

 

 

 

 

 

 

 

 

Contributions to joint ventures
 

 

 

 

 

 

 

 

 
70,039

 
70,039

Stock plan activity
 
54,183

 

 
3,776

 

 

 

 

 
3,776

 

 
3,776

Balance, June 30, 2018
 
43,545,778

 
$
436

 
$
3,314,197

 
$
(180,967
)
 
$
2,515

 
(505,293
)
 
$
(60,743
)
 
$
3,075,438

 
$
75,173

 
$
3,150,611

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2019
 
43,659,708

 
$
437

 
$
3,325,499

 
$
(88,520
)
 
$
(14,759
)
 
(519,849
)
 
$
(62,190
)
 
$
3,160,467

 
$
147,006

 
$
3,307,473

Net income (loss)
 

 

 

 
13,477

 

 

 

 
13,477

 
(149
)
 
13,328

Interest rate swaps, net of tax of $3,770
 

 

 

 

 
(13,108
)
 

 

 
(13,108
)
 

 
(13,108
)
Terminated swap amortization
 

 

 

 

 
(653
)
 

 

 
(653
)
 

 
(653
)
Capitalized swap interest, net of tax of $6
 

 

 

 

 
(22
)
 

 

 
(22
)
 

 
(22
)
Repurchase of common shares
 

 

 

 

 

 

 

 

 

 

Deconsolidation of Associations of Unit Owners
 

 

 

 

 

 

 

 

 
(2,715
)
 
(2,715
)
Contributions to joint ventures
 

 

 

 

 

 

 

 

 
43,901

 
43,901

Stock plan activity
 
1,986

 

 
3,563

 

 

 

 

 
3,563

 

 
3,563

Balance, June 30, 2019
 
43,661,694

 
$
437

 
$
3,329,062

 
$
(75,043
)
 
$
(28,542
)
 
(519,849
)
 
$
(62,190
)
 
$
3,163,724

 
$
188,043

 
$
3,351,767





6
 

Table of Contents


THE HOWARD HUGHES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
UNAUDITED
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
Other
 
 
 
 
 
Total
 
 
 
 
 
 
Common Stock
 
Paid-In
 
Accumulated
 
Comprehensive
 
Treasury Stock
 
Stockholders'
 
Noncontrolling
 
Total
(In thousands, except shares)
    
Shares
    
Amount
 
Capital
 
Deficit
 
(Loss) Income
 
Shares
 
Amount
 
Equity
 
Interests
 
Equity
Balance, December 31, 2017
 
43,300,253

 
$
433

 
$
3,302,502

 
$
(109,508
)
 
$
(6,965
)
 
(29,373
)
 
$
(3,476
)
 
$
3,182,986

 
$
5,565

 
$
3,188,551

Net loss
 

 

 

 
(3,614
)
 

 

 

 
(3,614
)
 
(431
)
 
(4,045
)
Interest rate swaps, net of tax of $3,933
 

 

 

 

 
13,398

 

 

 
13,398

 

 
13,398

Terminated swap amortization
 

 

 

 

 
(80
)
 

 

 
(80
)
 

 
(80
)
Pension adjustment, net of tax of $641
 

 

 

 

 
(2,010
)
 

 

 
(2,010
)
 

 
(2,010
)
Capitalized swap interest, net of tax of $16
 

 

 

 

 
59

 

 

 
59

 

 
59

Adoption of ASU 2014-09
 

 

 

 
(69,732
)