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Section 1: 10-Q (10-Q)

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us-gaap:OperatingSegmentsMember hhc:SeaportDistrictMember 2019-09-30 0001498828 us-gaap:OperatingSegmentsMember hhc:MasterPlannedCommunitiesMember 2018-12-31 0001498828 us-gaap:CorporateNonSegmentMember 2019-09-30 0001498828 us-gaap:OperatingSegmentsMember hhc:OperatingAssetsMember 2018-12-31 hhc:entity hhc:item iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares hhc:condominium_tower hhc:housing_unit hhc:settled_derivative hhc:segment hhc:location hhc:extention_option utreg:sqft hhc:derivative_instrument utreg:acre
 
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, 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 October 31, 2019 was 43,211,546.
 


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)
 
September 30, 2019
 
December 31, 2018
Assets:
 
 
 
 
Investment in real estate:
 
 
 
 
Master Planned Communities assets
 
$
1,683,224

 
$
1,642,660

Buildings and equipment
 
3,268,926

 
2,932,963

Less: accumulated depreciation
 
(478,185
)
 
(380,892
)
Land
 
315,643

 
297,596

Developments
 
1,345,807

 
1,290,068

Net property and equipment
 
6,135,415

 
5,782,395

Investment in real estate and other affiliates
 
121,611

 
102,287

Net investment in real estate
 
6,257,026

 
5,884,682

Net investment in lease receivable
 
78,021

 

Cash and cash equivalents
 
637,979

 
499,676

Restricted cash
 
204,650

 
224,539

Accounts receivable, net
 
17,248

 
12,589

Municipal Utility District receivables, net
 
288,376

 
222,269

Notes receivable, net
 
36,425

 
4,694

Deferred expenses, net
 
110,935

 
95,714

Operating lease right-of-use assets, net
 
70,349

 

Prepaid expenses and other assets, net
 
246,906

 
411,636

Total assets
 
$
7,947,915

 
$
7,355,799

 
 
 
 
 
Liabilities:
 
 
 
 
Mortgages, notes and loans payable, net
 
$
3,624,684

 
$
3,181,213

Operating lease obligations
 
71,190

 

Deferred tax liabilities
 
172,476

 
157,188

Accounts payable and accrued expenses
 
699,509

 
779,272

Total liabilities
 
4,567,859

 
4,117,673

 
 
 
 
 
Commitments and contingencies (see Note 10)
 


 


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

 

Common stock: $.01 par value; 150,000,000 shares authorized, 43,752,777 issued and 43,232,928 outstanding as of September 30, 2019 and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018
 
438

 
436

Additional paid-in capital
 
3,334,101

 
3,322,433

Accumulated deficit
 
(45,285
)
 
(120,341
)
Accumulated other comprehensive loss
 
(35,513
)
 
(8,126
)
Treasury stock, at cost, 519,849 shares as of September 30, 2019 and December 31, 2018
 
(62,190
)
 
(62,190
)
Total stockholders' equity
 
3,191,551

 
3,132,212

Noncontrolling interests
 
188,505

 
105,914

Total equity
 
3,380,056

 
3,238,126

Total liabilities and equity
 
$
7,947,915

 
$
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 September 30,
 
Nine Months Ended September 30,
(In thousands, except per share amounts)
 
2019
 
2018
    
2019
 
2018
Revenues:
 
 
 
 
 
 

 
 

Condominium rights and unit sales
 
$
9,999

 
$
8,045

 
$
443,931

 
$
39,767

Master Planned Communities land sales
 
77,368

 
127,730

 
177,001

 
226,727

Minimum rents
 
55,552

 
53,244

 
164,356

 
153,156

Tenant recoveries
 
13,704

 
12,806

 
40,724

 
37,808

Hospitality revenues
 
20,031

 
19,108

 
68,536

 
64,738

Builder price participation
 
9,660

 
8,685

 
24,224

 
19,394

Other land revenues
 
5,954

 
7,145

 
16,646

 
15,988

Other rental and property revenues
 
37,816

 
20,397

 
79,872

 
42,266

Interest income from sales-type leases
 
1,088

 

 
1,088

 

Total revenues
 
231,172

 
257,160

 
1,016,378

 
599,844

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Condominium rights and unit cost of sales
 
7,010

 
6,168

 
365,324

 
41,713

Master Planned Communities cost of sales
 
33,304

 
57,183

 
78,128

 
109,609

Master Planned Communities operations
 
11,866

 
13,044

 
35,948

 
33,956

Other property operating costs
 
53,214

 
42,942

 
131,808

 
91,847

Rental property real estate taxes
 
9,080

 
8,519

 
28,585

 
24,148

Rental property maintenance costs
 
3,533

 
4,456

 
11,862

 
11,604

Hospitality operating costs
 
14,080

 
14,723

 
46,310

 
45,707

(Recovery) provision for doubtful accounts
 
(107
)
 
2,282

 
(195
)
 
4,417

Demolition costs
 
138

 
2,835

 
737

 
16,166

Development-related marketing costs
 
5,341

 
7,218

 
16,874

 
20,484

General and administrative
 
32,519

 
20,645

 
87,923

 
71,795

Depreciation and amortization
 
40,093

 
31,123

 
115,142

 
88,398

Total expenses
 
210,071

 
211,138

 
918,446

 
559,844

 
 
 
 
 
 
 
 
 
Other:
 
 
 
 
 
 
 
 
Gain on sale or disposal of real estate, net
 
24,201

 

 
24,051

 

Other income (loss), net
 
1,337

 
(3,710
)
 
11,798

 
(3,444
)
Total other
 
25,538

 
(3,710
)
 
35,849

 
(3,444
)
 
 
 
 
 
 
 
 
 
Operating income
 
46,639

 
42,312

 
133,781

 
36,556

 
 
 
 
 
 
 
 
 
Selling profit from sales-type leases
 
13,537

 

 
13,537

 

Interest income
 
2,872

 
2,080

 
7,696

 
6,759

Interest expense
 
(28,829
)
 
(21,670
)
 
(76,358
)
 
(57,182
)
Equity in earnings from real estate and other affiliates
 
4,542

 
8,612

 
20,847

 
39,297

Income before taxes
 
38,761

 
31,334

 
99,503

 
25,430

Provision for income taxes
 
8,718

 
7,487

 
24,207

 
5,628

Net income
 
30,043

 
23,847

 
75,296

 
19,802

Net income attributable to noncontrolling interests
 
(285
)
 
(482
)
 
(240
)
 
(51
)
Net income attributable to common stockholders
 
$
29,758

 
$
23,365

 
$
75,056

 
$
19,751

 
 
 
 
 
 
 
 
 
Basic income per share:
 
$
0.69

 
$
0.54

 
$
1.74

 
$
0.46

Diluted income per share:
 
$
0.69

 
$
0.54

 
$
1.73

 
$
0.46

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 September 30,
 
Nine Months Ended September 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
30,043

 
$
23,847

 
$
75,296

 
$
19,802

Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Interest rate swaps (a)
 
(6,207
)
 
(367
)
 
(25,259
)
 
13,031

Capitalized swap interest (expense) income (b)
 

 
(25
)
 
(73
)
 
34

Pension adjustment (c)
 

 
2,566

 

 
556

Adoption of ASU 2018-02 (d)
 

 

 

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

 

 

 
(739
)
Terminated swap amortization
 
(764
)
 
(239
)
 
(2,055
)
 
(319
)
Other comprehensive (loss) income
 
(6,971
)
 
1,935

 
(27,387
)
 
11,415

Comprehensive income
 
23,072

 
25,782

 
47,909

 
31,217

Comprehensive income attributable to noncontrolling interests
 
(285
)
 
(482
)
 
(240
)
 
(51
)
Comprehensive income attributable to common stockholders
 
$
22,787

 
$
25,300

 
$
47,669

 
$
31,166

 
(a)
Amounts are shown net of deferred tax benefit of $1.7 million and $0.2 million for the three months ended September 30, 2019 and 2018, respectively, and deferred tax benefit of $7.0 million and deferred tax expense of $3.7 million for the nine months ended September 30, 2019 and 2018, respectively.
(b)
The deferred tax impact was zero for the three months ended September 30, 2019 and not meaningful for the nine months ended September 30, 2019 and the three and nine months ended September 30, 2018.
(c)
Net of deferred tax benefit of zero and $0.6 million for the three and nine months ended September 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, 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

Net income
 

 

 

 
23,365

 

 

 

 
23,365

 
482

 
23,847

Interest rate swaps, net of tax of $223
 

 

 

 

 
(367
)
 

 

 
(367
)
 

 
(367
)
Terminated swap amortization
 

 

 

 

 
(239
)
 

 

 
(239
)
 

 
(239
)
Pension adjustment, net of tax of $21
 

 

 

 

 
2,566

 

 

 
2,566

 

 
2,566

Capitalized swap interest, net of tax of $7
 

 

 

 

 
(25
)
 

 

 
(25
)
 

 
(25
)
Contributions to joint ventures
 

 

 

 

 

 

 

 

 
83

 
83

Stock plan activity
 
(7,358
)
 

 
4,550

 

 

 

 

 
4,550

 

 
4,550

Balance, September 30, 2018
 
43,538,420

 
$
436

 
$
3,318,747

 
$
(157,602
)
 
$
4,450

 
(505,293
)
 
$
(60,743
)
 
$
3,105,288

 
$
75,738

 
$
3,181,026

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

Net income
 

 

 

 
29,758

 

 

 

 
29,758

 
285

 
30,043

Interest rate swaps, net of tax of $1,719
 

 

 

 

 
(6,207
)
 

 

 
(6,207
)
 

 
(6,207
)
Terminated swap amortization
 

 

 

 

 
(764
)
 

 

 
(764
)
 

 
(764
)
Deconsolidation of Associations of Unit Owners
 

 

 

 

 

 

 

 

 
177

 
177

Contributions to joint ventures
 

 

 

 

 

 

 

 

 

 

Stock plan activity
 
91,083

 
1

 
5,039

 

 

 

 

 
5,040

 

 
5,040

Balance, September 30, 2019
 
43,752,777

 
$
438

 
$
3,334,101

 
$
(45,285
)
 
$
(35,513
)
 
(519,849
)
 
$
(62,190
)
 
$
3,191,551

 
$
188,505

 
$
3,380,056





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 income
 

 

 

 
19,751

 

 

 

 
19,751

 
51

 
19,802

Interest rate swaps, net of tax of $3,710
 

 

 

 

 
13,031

 

 

 
13,031

 

 
13,031

Terminated swap amortization
 

 

 

 

 
(319
)
 

 

 
(319
)
 

 
(319
)
Pension adjustment, net of tax of $620
 

 

 

 

 
556

 

 

 
556

 

 
556

Capitalized swap interest, net of tax of $9
 

 

 

 

 
34

 

 

 
34

 

 
34

Adoption of ASU 2014-09
 

 

 

 
(69,732
)
 

 

 

 
(69,732
)
 

 
(69,732
)
Adoption of ASU 2017-12
 

 

 

 
739

 
(739
)
 

 

 

 

 

Adoption of ASU 2018-02
 

 

 

 
1,148