Howard Hughes (HHC) Presentation at REIT Week

Howard Hughes (HHC) Presentation at REIT Week This just concluded…..

Howard Hughes (HHC) Presentation at REIT Week REIT Week Presentation

 

David Einhorn Buys Three New Stocks: These Are The Names And Theses (Q3 Letter)

david einhorn, reading, valuewalk, internet, investment research, Greenlight Capital, hedge funds, Greenlight Masters, famous hedge fund owners, big value investors, websites, books, reading financials, investment analysis, shortselling, investment conferences, shorting, short biasDavid Einhorn's Greenlight Capital funds returned 5.9% in the third quarter of 2020, compared to a gain of 8.9% for the S&P 500 in the same period. This year has been particularly challenging for value investors. Growth stocks have surged as value has struggled. For Greenlight, one of Wall Street's most established value-focused investment funds, Read More


Howard Hughes Notable points (was Q&A format):

  • Houston
  • is well prepared for current oil price drop
  • No spec construction out there……
  • No material fallout in land sales
  • Builders still buying lots
  • Pricing remains firm
  • Job losses have been primarily in oil fields
  • Houston port is now 2nd largest port in US
  • Still expect to see job gains in 2015
  • Summerlin
  • lot prices still increasing
  • retailers still ahead of plan in Downtown Summerlin
  • “we have best master planned communities in areas we operate”
  • Hawaii
  • buyers have moved into One AlMoana
  • 5 more towers now have approvals
  • looking at 30% margins excluding land
  • Capital
  • $2.5B under construction…..cash needed for them $340M
  • $200M FCF from MPC’s alone in 2014
  • no need to raise any additional capital unless for acquisitions
  •  “looking at a dozen deals a week” …like to add on to existing projects (ie: Conroe)
  • Leasing at Seaport:
  • in discussions with several retailers
  • will not announce anything yet
  • historic district open 2016
  • Pier 17 open summer 2017
  • NOI projections in shareholder letter exclude Seaport
  • Stock Split?
  • have not evaluated it yet
  • Rising rates
  • financing locked in on CRE projects
  • mostly done with insurance co’s
  • rising rates will increase cash flows of businesses
  • Columbia
  • have made significant headway with plans
  • $9M NOI being generated from buildings obtained from GGP
  • office, multi family and retail going into The Crescent,  construction should start later 2015
  • Change to REIT?
  • right now, not the time to do that
  • while it would eliminate double taxation, very high depreciation in new assets + project level interest mitigates taxes on them
  • NOI’s shelter income for 12-18mos more
  • when tax shields wear off “everything worth looking at” ….would then consider REIT

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Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a RealMoney.com contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.