Reevaluating the Bullish Investment Thesis on The Howard Hughes Corporation | Value Investing News

Reevaluating the Bullish Investment Thesis on The Howard Hughes Corporation

  • The key aspect that set HHC apart from other real estate developers was that they owned the vacant land already, enough for 2 or 3 decades of construction activity, which meant they could fund commercial construction projects with cash generated from land sales, not by borrowing from banks and racking up debt like most of their peers.
  • Sure enough, HHC’s rental income had risen from $95 million in 2010 to $396 million by 2018.
  • Full Disclosure: At the time of writing, the author and some of his clients were long HHC, but those holdings are currently under review for possible sale and positions may change at any time.
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