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THE WOODLANDS, Texas - Howard Hughes (NYSE:HHH) Holdings Inc. (NYSE: HHH), a U.S.-based real estate company with a market capitalization of $3.95 billion, has declined a revised proposal from Pershing Square Capital Management L.P. According to InvestingPro analysis, the company currently trades at attractive valuation multiples and shows signs of being undervalued based on its Fair Value assessment. The Special Committee of the company’s Board of Directors found the offer unsatisfactory and has not disclosed the specifics of the proposal. The company has entered a standstill agreement with Pershing Square, effective until March 13, 2025, to allow for continued discussions regarding potential alternatives.
The standstill agreement aims to facilitate constructive dialogue between Howard Hughes Holdings and Pershing Square, an investment management firm. During this period, both parties will explore possible adjustments or alternative transactions, but there is no certainty that this will lead to any definitive outcome.
Howard Hughes Holdings has stated that it will not provide further commentary on the discussions until it deems additional disclosure necessary or is required by law. The company’s Board and Special Committee have expressed their commitment to acting in the best interests of the company and its shareholders. Financial data from InvestingPro shows the company maintains strong liquidity with a current ratio of 1.62, while generating $717.13 million in EBITDA over the last twelve months.
Details of the revised proposal by Pershing Square are available in the Schedule 13D/A filed with the U.S. Securities and Exchange Commission. Morgan Stanley (NYSE:MS) & Co. LLC is serving as the financial advisor to the Special Committee, with Hogan Lovells US LLP and Richards, Layton & Finger, P.A. as legal counsel.
Howard Hughes Holdings is known for owning, managing, and developing a diverse portfolio of commercial, residential, and mixed-use real estate across the United States. Their portfolio includes prominent master planned communities and various development opportunities in strategic locations. With annual revenue of $1.75 billion and healthy profit margins, the company demonstrates solid financial performance. For deeper insights into Howard Hughes Holdings’ financial health and growth prospects, InvestingPro offers comprehensive analysis and additional ProTips in its detailed Research Report.
This news is based on a press release statement from Howard Hughes Holdings Inc. The company has cautioned that any forward-looking statements in the press release are not guarantees of future performance and actual results may differ materially from those projected. The company’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports, provide further details on risk factors that could affect outcomes.
In other recent news, Howard Hughes Holdings Inc reported its fourth-quarter 2024 earnings, highlighting a mixed performance. The company’s earnings per share (EPS) came in at $3.25, which was below the forecast of $3.69. However, the revenue exceeded expectations, reaching $983.59 million against a forecast of $933.43 million. The company also noted a record full-year performance across all segments, with significant contributions from its master-planned communities and operating assets. Howard Hughes’ master-planned communities saw a 2% increase in earnings before taxes to $349 million, while net operating income for operating assets rose by 6% year-over-year to $257 million. The completion of major projects, such as the Victoria Place condo tower in Hawaii, and the commencement of the Ritz Carlton Residences in The Woodlands, were highlighted as strategic developments. Analysts from Piper Sandler and JPMorgan discussed the company’s capital allocation and future revenue projections, with a focus on the ongoing success in land sales and strategic developments.
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