THE HOWARD HUGHES CORPORATION HHC Income Statement

The howard hughes corporation (HHC)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues:
Minimum rents
238,808	221,907	218,523	216,215	212,006	207,315	200,120	191,530	186,094	183,025	181,066	181,322	178,285	173,268	169,018	161,922	156,875	150,760	140,302	126,868	112,068	97,234	87,999	85,157	83,102	81,668	80,609	82,206	82,649	82,621	80,690	76,958	73,357	71,178	69,447	67,013	0	0	0
Tenant recoveries
62,077	54,710	52,901	52,003	50,741	49,993	49,003	47,783	47,175	45,814	45,849	45,920	45,201	44,330	41,576	40,625	40,403	39,542	38,918	35,813	32,005	28,353	25,896	23,586	21,758	21,068	21,100	21,874	22,812	23,351	22,718	22,051	20,663	19,323	19,174	18,209	0	0	0
Interest income from sales-type leases
0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revenues
1,121,824	1,300,539	1,481,071	1,507,059	1,256,748	1,064,537	900,827	902,403	1,030,037	1,100,120	1,078,698	1,062,226	1,027,101	1,035,005	984,837	946,015	881,664	797,088	774,748	690,534	691,002	634,565	561,462	541,849	477,980	469,418	443,835	439,035	387,212	376,886	353,613	345,471	302,353	275,689	223,055	167,011	0	0	0
Expenses:
Condominium rights and unit cost of sales
-	-	-	-	-	-	-	-	284,607	-	334,775	331,462	304,993	319,325	302,618	266,973	244,012	191,606	170,954	125,407	70,833	49,995	6,194	19,440	0	-	0	0	-	-	-	6,307	-	-	-	-	-	-	-
Rental property maintenance costs
-	-	16,071	16,994	-	15,813	15,020	13,944	13,601	13,432	13,191	13,143	12,288	12,392	11,191	10,953	11,100	10,712	11,471	10,690	9,964	9,135	8,489	8,224	8,193	8,083	8,347	8,562	8,505	8,655	8,103	7,995	7,472	7,076	6,761	6,045	0	0	0
Operating costs
56,073	60,226	112,934	113,577	112,387	59,195	60,535	59,337	58,084	56,362	53,514	52,651	52,729	49,359	45,480	41,585	36,236	34,839	35,734	35,877	33,396	31,829	29,750	28,221	29,489	29,454	29,899	29,483	29,174	29,112	28,102	0	0	-	0	-	-	-	-
Other property operating costs
-	-	173,714	163,442	-	133,761	123,423	101,835	96,396	91,729	78,618	73,799	68,744	65,978	65,805	65,950	70,348	72,751	75,891	74,409	71,375	67,034	59,136	64,267	64,007	65,723	69,037	65,641	64,345	63,035	61,919	59,947	55,038	50,549	43,811	38,579	0	0	0
Rental property real estate taxes
40,608	36,861	36,620	36,059	33,887	32,183	31,568	30,727	29,775	29,185	27,502	26,857	27,636	26,847	25,572	25,447	24,686	24,138	24,543	22,194	19,867	17,407	16,017	15,156	14,274	14,291	13,873	13,749	13,561	13,643	12,740	11,176	10,635	10,270	12,245	14,286	0	0	0
Provision for (recovery of) doubtful accounts
1,289	-414	1,466	3,855	5,300	6,078	5,399	3,565	2,951	2,710	2,763	4,255	3,158	5,664	5,577	4,644	6,262	4,030	4,193	3,305	2,070	1,404	219	304	550	836	1,150	1,110	0	-	0	0	-	-235	918	1,315	0	0	0
Demolition costs
806	855	1,900	4,597	10,707	17,329	17,786	15,126	8,529	1,923	1,297	1,378	1,805	2,212	1,878	2,646	3,652	3,297	2,660	2,396	4,335	6,734	8,097	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Development-related marketing costs
20,181	23,067	25,647	27,524	28,873	29,249	26,201	24,849	22,377	20,504	21,385	20,235	21,858	22,184	21,576	24,499	23,754	25,466	26,349	25,097	24,802	22,783	16,960	11,231	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-
General and administrative
170,000	156,251	120,753	108,879	105,693	104,625	98,254	99,971	96,029	89,882	88,506	87,272	84,381	86,588	85,755	83,153	82,706	81,345	81,526	77,759	75,650	73,569	63,294	60,449	54,177	48,466	42,835	42,385	39,320	36,548	39,013	36,222	35,724	32,342	24,819	21,007	0	0	0
Other income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	-	-	0	-	-	-	-	-	-	-	-
Depreciation, Depletion and Amortization, Nonproduction
181,304	155,798	153,309	144,339	134,508	126,565	124,457	129,233	134,916	132,252	120,811	108,234	98,416	95,864	98,666	100,342	100,459	98,997	92,535	80,555	66,959	55,958	45,635	42,603	37,910	33,845	29,924	26,702	25,815	24,429	20,904	21,348	18,641	16,782	17,702	14,469	0	0	0
Total expenses
1,182,562	1,184,770	1,315,393	1,316,460	1,097,965	956,791	819,797	843,100	908,263	936,233	898,064	869,871	824,087	824,511	793,758	754,408	729,054	680,153	688,502	616,982	551,241	497,314	388,454	381,991	362,113	358,204	349,109	337,647	314,557	304,421	294,522	301,524	271,774	248,224	209,776	160,620	0	0	0
Operating income before other items
-	-	-	-	-	-	-	-	-	-	0	0	203,014	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other:
Impairment of Real Estate
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains (Losses) on Sales of Investment Real Estate
60,492	22,362	24,047	-154	-10	-4	22,783	23,020	23,020	55,235	32,452	32,285	32,285	140,549	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other Operating Income (Loss)
8,322	12,179	14,306	9,259	-763	-936	-946	2,604	2,561	3,248	2,345	2,937	11,781	11,453	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total other
20,076	34,541	38,353	9,105	-773	-940	21,837	25,624	25,581	58,483	34,797	-512	8,332	116,268	115,298	149,871	141,203	1,829	12,613	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating (loss) income
-40,662	150,310	204,031	199,704	158,010	106,806	102,867	84,927	147,355	222,370	215,431	191,843	211,346	326,762	307,581	343,341	295,277	118,764	115,717	103,023	169,232	166,722	173,008	159,858	115,867	111,214	94,726	101,388	72,655	72,465	59,091	43,947	30,579	27,465	13,279	6,391	0	0	0
Selling profit from sales-type leases
-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income
8,370	9,797	9,423	8,631	8,983	8,486	7,631	7,315	5,497	4,043	3,630	2,062	1,712	1,359	970	883	719	586	3,396	2,125	20,479	22,531	16,352	19,575	3,017	3,185	8,872	9,186	9,461	9,437	9,829	9,795	9,696	9,876	7,155	0	0	0	-
Interest Expense
116,496	105,374	101,204	94,045	88,745	82,028	72,203	67,774	63,319	64,568	66,643	65,504	67,589	65,724	65,229	64,339	62,491	59,744	53,413	50,337	44,549	38,624	37,969	25,834	16,937	9,759	589	788	0	-	0	0	-	-	-	-	-	0	0
Gain on extinguishment of debt
-	-	-	-	-	-	-	-	-	-46,410	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Investment in Real Estate Affiliate basis adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Warrant liability loss
-	-	-	-	-	-	-	-	-	43,443	46,223	53,523	66,792	24,410	20,760	-110,180	-196,950	-58,320	-136,050	-37,100	72,890	60,520	469,813	490,024	311,454	181,987	-170,999	-230,823	-96,193	-185,017	-161,902	72,298	105,778	101,584	0	0	0	-	-
Increase in tax indemnity receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-1,206	-11,546	0	0	-	0	-	-	-	-	-	-	-	-
Gain on acquisition of joint venture partners interest
-	-	-	-	-	-	-	-	-	23,332	0	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of The Club at Carlton Woods
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Equity Method Investments
32,027	30,629	21,504	25,574	35,519	39,954	38,974	37,829	31,364	25,498	46,939	52,965	63,406	56,818	36,257	23,059	3,865	3,721	8,336	13,550	19,056	23,336	20,558	18,643	17,763	14,428	12,284	9,000	3,739	3,683	4,222	4,078	5,742	8,578	9,011	0	0	0	-
Reduction in tax indemnity receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest
-98,583	103,540	147,291	139,864	113,767	73,218	95,111	80,139	107,858	120,822	111,098	112,894	127,134	320,776	285,906	442,197	463,393	150,720	170,627	42,383	17,323	39,440	1,542	-32,058	-124,992	-64,125	-72,858	-133,037	-33,609	-120,656	-101,060	103,778	134,437	130,145	112,168	-50,307	0	0	0
Provision for income taxes
-15,871	29,245	34,071	32,840	25,950	15,492	-72,019	-73,660	-54,940	-45,801	48,208	52,524	62,914	118,450	101,294	109,369	86,950	24,001	37,860	20,213	60,471	62,960	38,453	43,035	11,864	9,570	20,196	17,642	5,582	6,887	-6,278	-16,656	-16,998	-18,325	-4,694	19,533	0	0	0
Income from Real Estate Affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Reorganization items
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-82,712	74,295	113,220	107,024	87,817	57,726	167,130	153,799	162,798	166,623	62,890	60,370	64,220	202,326	184,612	332,828	376,443	126,719	132,767	22,170	-43,148	-23,520	-36,911	-75,093	-136,856	-73,695	-93,054	-150,679	-39,191	-127,543	-94,782	120,434	151,435	148,470	100,347	-92,694	0	0	0
Net income attributable to noncontrolling interests
287	339	903	1,100	458	714	-1,742	-2,212	-1,421	-1,781	0	0	0	-	0	-	-	-	0	0	-	11	-3	95	126	95	218	-661	-37	745	0	0	0	-	-	-	0	0	0
Net (loss) income attributable to common stockholders
-82,999	73,956	112,317	105,924	87,359	57,012	168,872	156,011	164,219	168,404	62,878	60,347	64,197	202,303	184,589	332,840	376,443	126,719	132,768	22,159	-43,174	-23,531	-36,908	-75,188	-136,982	-73,790	-93,272	-150,018	-39,154	-128,288	-95,932	117,774	149,437	147,180	99,523	-92,814	0	0	0
Pension plan adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other comprehensive income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Comprehensive income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Net income (loss) attributable to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0
Basic (loss) income per share (in dollars per share)
-2.88	-0.03	0.69	0.31	0.74	0.87	0.54	-0.12	0.03	3.60	0.25	0.08	0.14	1.10	0.20	0.18	3.64	0.65	3.96	1.28	-2.68	0.80	1.16	-0.37	-2.19	0.47	0.19	-1.94	-0.59	-	-1.30	0.91	-	0.83	4.33	1.74	-3.02	-0.43	-0.74
Diluted (loss) income per share (in dollars per share)
-2.88	-0.03	0.69	0.31	0.74	0.87	0.54	-0.12	0.03	3.47	0.24	0.07	0.13	1.69	0.19	0.16	2.69	3.34	0.76	0.18	-2.68	1.48	0.48	-0.37	-2.19	0.49	0.17	-1.94	-0.59	-	-1.30	0.27	-	4.11	-0.14	0.22	-3.02	-0.43	-0.74
Basic/diluted loss per share: (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2.96	-	-	-	-	-	-
Comprehensive income (loss) attributable to common stockholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Condominium Rights And Unit Sales [Member]
Revenues
250,673	448,940	761,884	759,930	545,193	357,720	161,810	267,617	394,943	464,251	465,229	466,784	443,685	485,634	467,535	431,120	392,521	305,284	272,411	197,451	115,296	83,565	12,326	38,675	0	-	0	0	-	267	2,839	11,911	18,437	22,067	0	0	0	-	-
Cost of sales
329,966	369,759	586,173	585,331	393,527	262,562	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,544	-	0	0	0	-	-
Master Planned Community Land Sales [Member]
Revenues
328,566	330,146	212,179	262,541	256,652	261,905	297,791	224,967	241,679	248,595	245,681	234,903	226,857	215,318	195,630	196,925	181,260	187,399	203,850	217,778	325,509	325,099	344,422	338,805	251,662	251,217	229,389	215,873	193,780	182,643	159,153	153,087	127,307	114,610	82,989	53,011	0	0	0
Cost of sales
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other land, rental and property revenues
Revenues
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hospitality revenues
Revenue
-	-	85,835	84,912	-	82,037	83,568	82,236	79,370	76,020	73,316	69,628	69,054	62,252	56,244	53,928	46,280	45,374	45,979	42,357	40,498	37,921	35,856	35,875	37,523	39,201	40,370	40,529	41,229	39,782	37,155	0	0	-	0	-	-	-	-
Builder Price Participation [Member]
Revenues
38,245	35,681	31,915	30,940	27,199	27,085	27,616	24,403	23,255	22,835	20,368	19,379	21,400	21,386	22,192	24,389	25,795	26,846	27,942	26,573	22,509	20,908	16,904	13,595	12,178	9,356	7,242	7,107	6,209	5,747	5,673	5,039	4,108	3,816	3,499	3,717	0	0	0
Other land revenues
Revenue
-	-	21,578	22,769	-	21,314	24,548	21,964	21,715	28,166	24,630	24,122	23,781	16,232	14,956	15,520	14,543	14,803	18,236	17,731	17,284	16,503	12,527	11,994	13,126	13,416	14,800	17,606	17,307	18,073	17,575	16,727	15,453	13,133	10,631	6,506	0	0	0
Other rental and property revenues
Revenue
-	-	95,168	77,749	-	57,168	56,371	41,903	35,806	31,414	22,559	20,168	18,838	16,585	17,686	21,586	23,987	27,080	27,110	25,963	25,833	24,982	24,564	22,765	22,536	20,523	19,135	23,460	23,093	24,402	26,465	22,327	17,627	15,818	10,620	8,131	0	0	0
Master Planned Communities cost of sales
Cost of goods and services sold
-	-	92,733	116,612	-	124,214	142,437	114,297	121,290	121,116	117,887	110,276	105,908	95,727	86,387	84,629	79,857	88,065	93,938	102,007	120,490	119,672	134,964	134,284	121,419	124,040	108,758	103,134	96,258	89,298	81,357	86,951	73,411	70,108	55,658	30,549	0	0	0
Master Planned Communities operations
Cost of goods and services sold
-	-	47,209	48,387	-	45,217	47,852	42,988	39,708	38,777	37,815	40,309	42,171	42,371	42,049	41,724	44,518	44,907	42,444	43,090	42,516	41,794	42,005	40,774	39,179	38,414	37,657	37,829	38,014	40,506	43,161	43,959	38,921	33,647	27,695	25,817	0	0	0