Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Merger or Acquisition (December 2019)
10 slides from Howard Hughes's merger presentation, Dec 30, 2019
Slide 1: Acquisition of Occidental Assets in The Woodlands and Campus in West Houston Energy Corridor
Acquisition of Occidental Assets in The Woodlands and Campus in West Houston Energy Corridor 1
Slide 2: Forward Looking Statements
Forward Looking Statements Statements 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 stat
Slide 3: Strategic Rationale for Business Transaction
Strategic Rationale for Business Transaction Acquisition of Strategic, High-Quality Assets Excellent long-term, risk-adjusted returns ~935k SF leased to Occidental for 13 years supports excellent project-level financing Financially Attractive Maintains internal MPC control, allowing HHC to continue
Slide 4: Transaction Details: Benefits to HHC
Transaction Details Benefits to HHC Further solidifies HHC’s dominance of The Woodlands’ Class A office market: increases office portfolio by ~ 50% Protects against competitor(s) entering the market with a substantial amount of high-quality office space Adds an additional large, investment-grade ten
Slide 5: Transaction Overview
Transaction Overview • 1201 Lake Robbins Drive: 807,586 SF 31-story Class AAA office building 100% leased to Occidental for 13 years WOODLANDS OFFICE PORTOLIO • 9950 Woodloch Forest Drive: 595,854 SF 30-story Class AAA office building 4.1M+ SF • Warehouse: 125,000 SF one-story storage building plus
Slide 6: The Woodlands Towers at The Waterway
The Woodlands Towers at The Waterway The Woodlands Towers 9950 Woodloch Forest Drive − Year Built: 2014 − Size: 595,854 SF / 30 Stories − Parking: 2.5:1000 1201 Lake Robbins Drive (13-Year Leaseback) − Year Built: 2000 − Size: 807,586 SF / 31 Stories − Parking: 2.5:1000 1201 Lake Robbins Drive Built
Slide 7: Energy Corridor Campus Summary
Energy Corridor Campus Summary Assets Developable Acres: 63 Building Size: 1.3M SF Year Built: 1984 Number of Buildings: 17 Height: Three Stories Parking: 3,187 spaces (2.5:1000) Use Restrictions: Corporate office and affiliated retail • • • • • • • Strategy Disposition in 12-18 Months HHC’s ability
Slide 8: Transaction Impact: NOI Bridge
Transaction Impact NOI Bridge $323.1 $44.0 $299.0 Today Non-Core Assets Occidental Acquisition Future Components of Stabilized NOIs Today – $323.1 mm Future – $299.0 mm Other 6% 10% Other 6% Hospitality Multi-Family Office 21% 41% Multi-Family 20% 53% Office 20% 23% Retail 7 Retail Future Dev Site T
Slide 9: In-Place & Stabilized NOI Reconciliation
In-Place & Stabilized NOI Reconciliation 1. Cottonwood Mall, West Windsor and Bridge at Mint Hill sold for a total of approximately $96mm. 8 Non-Core Asset Sales & Acquisitions Region Annualized Q3 ’19 NOI / In-Place NOI Estimated Stabilized NOI Non-Core Assets: ($ in mm) ($ in mm) 110 North Wacker
Slide 10: Discover How
Discover How © 2019 Howard Hughes Corporation Intellectual Property. All rights reserved. The Howard Hughes Corporation logo and all other Howard Hughes marks contained herein are trademarks of Howard Hughes Intellectual Property. The information contained herein is not an offer, commitment, represe
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