Howard Hughes Holdings Announces Completion of Spinoff of Seaport Entertainment Group
01 Agosto 2024 - 6:03AM
Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”)
today announced the completion of the spinoff of the Company's
Seaport Entertainment division into a separate public company,
Seaport Entertainment Group Inc., effective 11:59 p.m. Eastern Time
on July 31, 2024.
Under the terms of the separation, after market
close on July 31, 2024, each stockholder who held HHH common stock
as of the close of business on July 29, 2024, the record date for
the distribution, received one share of Seaport Entertainment Group
common stock for every nine shares of common stock of HHH held at
the close of business on such date. Cash will be paid to those
holders who would otherwise be entitled to, and in lieu of,
fractional shares.
Howard Hughes becomes a pure-play real estate
company with a national portfolio of award-winning, large-scale
mixed-used communities spanning 101,000 acres, including nearly
35,000 acres in the Company’s landbank and a robust pipeline of
future development offering considerable growth and value creation
opportunities. The Company continues to drive record-breaking
results across its communities which include Summerlin® in Las
Vegas; Ward Village® in Honolulu; Downtown Columbia® in Maryland;
The Woodlands® and Bridgeland® in the Greater Houston region; and
Teravalis™ in the Phoenix West Valley.
“Howard Hughes moves forward with a refined
identity, squarely focused on what we do best—building world-class
master planned communities, with an unmatched landbank and decades
of opportunities for thoughtful growth and value creation ahead of
us,” said David O'Reilly, Chief Executive Officer of Howard Hughes.
“The completion of the spinoff of Seaport Entertainment marks the
beginning of an exciting new chapter for Howard Hughes, and we wish
the greatest success to the Seaport team.”
Seaport Entertainment Group common stock will begin “regular
way” trading today on NYSE American under the ticker symbol “SEG.”
Howard Hughes Holdings common stock will continue to trade on the
NYSE under the ticker symbol “HHH.”
Wells Fargo served as financial advisor and Latham and Watkins
LLP served as legal advisor to Howard Hughes. J.P. Morgan
Securities LLC served as financial advisor and Richards, Layton
& Finger, P.A. served as legal advisor to the special committee
of the Company’s Board of Directors.
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 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. The Howard Hughes 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 Inc. is
traded on the New York Stock Exchange as HHH. For
additional information visit www.howardhughes.com.
Safe Harbor StatementStatements 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 Howard Hughes Holdings
Inc.’s filings with the Securities and Exchange Commission,
including its Quarterly and Annual Reports. Howard Hughes
Holdings Inc. cautions you not to place undue reliance on the
forward-looking statements contained in this release. Howard
Hughes Holdings Inc. 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.
Contacts:Howard Hughes Holdings
Inc.
Media RelationsCristina
Carlson, 646-822-6910Senior Vice President, Head of Corporate
Communicationscristina.carlson@howardhughes.com
Investor RelationsEric Holcomb,
281-475-2144Senior Vice President, Investor
Relationseric.holcomb@howardhughes.com
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