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Howard Hughes Corporation Q1 loss $66.6 million

Christian Fernsby |
The Howard Hughes Corporation announced operating results for the first quarter ended March 31, 2021.

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Topics: HOWARD HUGHES   

Net income attributable to common stockholders increased to a loss of $66.6 million, or $(1.20) per diluted share, for the three months ended March 31, 2021, compared to a loss of $125.1 million, or $(2.88) per diluted share, for the three months ended March 31, 2020.

We continue to maintain a strong liquidity position with $1.0 billion of cash and cash equivalents and available capacity of $185.0 million on the revolver portion of our credit facilities as of March 31, 2021.

In February 2021, we issued $1.3 billion in Senior Notes due 2029 and 2031 and used the proceeds to repurchase our $1 billion Senior Notes due 2025, resulting in a $35.1 million loss on extinguishment of debt, and to repay all of the approximately $280 million outstanding under our loans for 1201 Lake Robbins and The Woodlands Warehouse maturing June 2021, resulting in a $10.0 million loss on the settlement of the rate-lock agreement associated with these loans.

In March 2021, we closed on a $368.2 million construction loan for the development of Victoria Place in Ward Village.

For the three months ended March 31, 2021, we collected 98.7% of our office portfolio billings, 98.8% of our multi-family portfolio billings, and 95.1% of our other portfolio billings. Collections of our retail portfolio billings have steadily increased after the initial impact of the COVID-19 pandemic and reached 77.5% for the three months ended March 31, 2021.

Additionally, retail net operating income (NOI) increased 20% quarter over quarter from $10.0 million for the three months ended December 31, 2020, to $12.0 million for the three months ended March 31, 2021.

Total Operating Assets NOI, including our share of NOI from equity investments, decreased by $12.3 million to $51.6 million for the three months ended March 31, 2021, compared to the prior year period.

The decrease in NOI was primarily due to lower occupancy at our hospitality properties as a result of the COVID-19 pandemic, as well as a decrease in revenue related to the June 30, 2020 expiration of a short-term lease at The Woodlands Towers at the Waterway.


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