Howard Hughes Corporation (HHC, Financial) (HHC - $50.52 - NYSE), is a leading master planned community developer with projects in Las Vegas, Houston, Honolulu, South Street Seaport in New York City and Columbia, Maryland. The company controls the development of commercial, residential and mixed-use real estate in these communities driving higher values for its land and higher net operating income at its commercial properties. Concerns about the company’s ability to self-finance its growth via land sales due to the halt in the economy from the coronavirus led to its stock price weakness. In addition, the company surprised the Street with a $600mm equity offering at the end of the quarter, led by lead shareholder Pershing Square and Chairman of the Board, Bill Ackman (Trades, Portfolio), to raise growth capital. HHC’s properties are unique with tremendous long-term value.
From Keeley Asset Management's Small-Mid Cap Value Fund first-quarter 2020 shareholder commentary.
