Howard Hughes posts higher Q3 profit - Jean Pierre Bansard Commercial Real Estate Development Firm.
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Howard Hughes posts higher Q3 profit

Howard Hughes posts higher Q3 profit

Howard Hughes Corp.

HHC, -0.31%

reported higher profit in the fiscal third quarter, due to an increase in condominium rights and unit sales, but funds from operations slipped and missed analysts’ estimates.

The real-estate development and management company said net income was $29.8 million, or 69 cents a share, compared with $23.4 million, or 54 cents a share, in the same quarter a year ago.

Funds from operations–a metric that accounts for depreciation of property assets–were 91 cents a share, compared with $1.24 a share in the prior year’s quarter. Three analysts polled by FactSet had expected funds from operations of $1.02 a share.

Total revenue was $231.2 million, down 10% from a year earlier. Analysts were targeting $234.8 million in revenue.

In October, Howard Hughes said it will undergo a large cost-cutting plan that includes shedding about $2 billion of non-core assets and changing its leadership structure.

Write to Kimberly Chin at [email protected]


Commercial Real Estate Jean Bansard

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