Howard Hughes announces review of strategic alternatives
In light of recent media speculation, The Howard Hughes Corporation confirmed that its board is conducting a broad review of potential strategic alternatives to maximize shareholder value. The board is "committed to exploring this review to best serve the interests of the company's shareholders." The board has retained Centerview Partners to assist in its strategic review. A broad range of options is being considered, the company said, "including a sale, joint venture or spin-off of a portion of the company's assets; a recapitalization of the company; changes in the corporate structure of the company; or a sale of the company." Howard Hughes CEO David Weinreb said, "Our business continues to perform extremely well across our three core segments, with price per acre of land sold, net operating income, and condo sales all exceeding our expectations; however, our stock continues to languish below its net asset value per share. The Board and management are determined to close the significant gap between our share price and the company's underlying net asset value. We look forward to reporting to shareholders on the results of our strategic review and will remain focused on executing our plans during this evaluation process." The company has not set a timetable for the conclusion of its review of strategic alternatives and will provide an update as appropriate.