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Home / Business / Dallas real estate developer Howard Hughes Corp weighs possible sales, stock prices fluctuate | Property

Dallas real estate developer Howard Hughes Corp weighs possible sales, stock prices fluctuate | Property



Dallas-based real estate developer Howard Hughes Corp. considering a sale.

The company said Thursday that investment bank Centerview Partners was hired to review their options, which may vary from a sale or joint venture to spin out assets.

Howard Hughes' lack of stock efficiency and slower than expected high profile in New York City is running the review. Its stock price has been down since it was high at $ 141.56 in July 2018. It was $ 93.62 when markets opened on Wednesday.

"The board and management are determined to close the significant gap between the share price and the company's underlying net asset value," says CEO David R. Weinreb in a statement.

News on possible sales provided temporary statements. jumped so much that the New York Stock Exchange stopped trading on Thursday morning, which continued to increase after trading continued, rising 42% to $ 1

31.74 at the end of the day. than expected to get away, the company said in a letter to the shareholders in 2018. Earlier this week, the company said it secured a $ 250 million loan for the project.

The port plans weighed on the company's share, says Alexander Goldfarb, senior real estate analyst at investment bank Sandler & nbsp; Neill & Partners.

"The management was in advance that the project would take years to develop," Goldfarb said. "But Wall Street works Not this year – it works in a matter of minutes. "

The project poses unique dangers to the company's finances, it said, an annual archive for the Securities and Exchange Commission. Because Howard Hughes is planning to own and run a number of businesses in the Seaport District, their bottom line can affect the company.

"This contrasts with our other retail properties where we generally receive leases from non-affiliated tenants and are not necessarily affected by the operating results of their underlying businesses," the filing said.

The company has also cited the New York City's multi-step review process as a potential obstacle to continued development. It's the same process Amazon worked hard to sidestep in their failed plans to open a headquarters there.


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