The Howard Hughes Corporation (NYSE: HHC) today announced that the company’s Board of Directors has approved a $250-million share buyback program.
This marks the second buyback in recent months for the company, following November’s announcement of another $250 million stock repurchase.
“This stock buyback follows our recent fourth quarter report of the best results in the history of our company,” said CEO David R. O’Reilly.
“Today’s announcement—on the heels of November’s buyback and the unprecedented value creation across the HHC portfolio—is a testament to our strong balance sheet and our commitment to unlocking shareholder value as we repurchase HHC stock at a meaningful discount to the underlying net asset value of the company.”
The Howard Hughes Corporation 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®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; Ward Village® in Honolulu, Hawai?i; and Douglas Ranch in Phoenix.
Today’s news release reminds investors the Howard Hughes Corporation’s 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
HHC shares took on $1.75, or 1.9%, to $95.66.