HOUSTON, Aug. 11,
2023 /PRNewswire/ -- The Howard Hughes
Corporation® ("HHC") and Howard Hughes Holdings
Inc.® ("Howard Hughes Holdings") today announced
completion of the previously announced holding company structure,
making Howard Hughes Holdings the parent holding company of HHC.
Howard Hughes Holdings replaces HHC as the public company trading
on the New York Stock Exchange. HHC traded on the New York Stock
Exchange under the ticker symbol "HHC". Commencing on Monday, August 14, 2023, Howard Hughes Holdings
will trade under the new ticker symbol "HHH".
Each existing share of HHC common stock outstanding immediately
prior to the reorganization has automatically converted, on a
one-for-one basis, into a share of common stock of Howard Hughes
Holdings, having the same designation, rights, powers, and
preferences and qualifications, limitations, and restrictions as a
share of HHC common stock immediately prior to the reorganization.
Accordingly, HHC stockholders automatically became stockholders of
Howard Hughes Holdings with the same number and ownership
percentage of shares in Howard Hughes Holdings as they held in HHC
immediately prior to the reorganization. HHC now operates as a
wholly owned subsidiary of Howard Hughes Holdings. The Board of
Directors and the executive officers of HHC immediately prior to
the reorganization continue in their same roles at Howard Hughes
Holdings.
The holding company reorganization, which is intended to be a
tax-free transaction for U.S. federal income tax purposes for HHC's
stockholders, will promote the growth of its businesses, including
by providing additional flexibility to fund future investment
opportunities and to segregate assets and related liabilities in
separate subsidiaries.
Howard Hughes Holding's common
stock (NYSE: HHH) will begin trading at the opening of trading on
August 14, 2023, under the new CUSIP
number 44267T102.
About Howard Hughes Holdings Inc.®
Howard
Hughes Holdings Inc.® owns, manages, and develops
commercial, residential, and mixed-use real estate throughout the
U.S. Its award-winning assets include the country's preeminent
portfolio of master planned communities, as well as operating
properties and development opportunities including: the Seaport in
New York City; Downtown Columbia® in Maryland; The
Woodlands®, Bridgeland® and The
Woodlands Hills® in the Greater Houston, Texas area;
Summerlin® in Las
Vegas; Ward
Village® in Honolulu, Hawaiʻi; and Teravalis™
in the Greater Phoenix, Arizona
area. Howard Hughes Holdings' portfolio is strategically positioned
to meet and accelerate development based on market demand,
resulting in one of the strongest real estate platforms in the
country. Dedicated to innovative placemaking, the company is
recognized for its ongoing commitment to design excellence and to
the cultural life of its communities. Howard Hughes Holdings is the
parent holding company of The Howard Hughes
Corporation®, which was traded on the New York Stock
Exchange as HHC; commencing on Monday,
August 14, 2023, Howard Hughes Holdings will trade under the
ticker HHH. For additional information visit
www.howardhughes.com.
Safe Harbor Statement
Statements made in this press
release that are not historical facts, including statements
accompanied by words such as "will," "believe," "expect,"
"enables," "realize," "plan," "intend," "assume," "transform" and
other words of similar expression, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's expectations,
estimates, assumptions, and projections as of the date of this
release and are not guarantees of future performance. Actual
results may differ materially from those expressed or implied in
these statements. Factors that could cause actual results to differ
materially are set forth as risk factors in The Howard Hughes
Corporation's filings with the Securities and Exchange Commission,
including its Quarterly and Annual Reports. The Howard Hughes
Corporation cautions you not to place undue reliance on the
forward-looking statements contained in this release. The Howard
Hughes Corporation does not undertake any obligation to publicly
update or revise any forward-looking statements to reflect future
events, information or circumstances that arise after the date of
this release.
Media Contact
Cristina
Carlson, 646-822-6910
SVP, Head of Corporate Communications
cristina.carlson@howardhughes.com
Investor Relations
Eric
Holcomb, 281-475-2144
SVP, Investor Relations
eric.holcomb@howardhughes.com
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SOURCE The Howard Hughes Corporation