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Press Release:

•Land sales in our Master Planned Community segment were $31.2 million for the third quarter 2011, compared to $24.0 million for third quarter 2010.
•Net operating income for our income-producing Operating Assets was $13.1 million for the third quarter 2011, compared to $10.8 million for third quarter 2010.
•Howard Hughes entered into joint ventures to develop its Ala Moana, Bridges at Mint Hill and a portion of the Columbia Town Center properties.

There wasn’t a whole lot of news in the earnings release that wasn’t issued in previous press releases. Land sales in the MPC’s are gradually recovering, driven mostly by the properties around Houston. Interesting, there were no transactions in the Summerlin property in Las Vegas this quarter after it looked like things were picking back up in the last two quarters.

Based on the improved performance of the operating assets, it appears that they definitely run better when a manager is at the helm, rather than being run out of bankruptcy protection like they were last year at this time.

Management is excited about their JV partnerships signed to develop the properties listed above, and believes that they’ll be able to start construction by 2013. That shows how long the lead time is on these projects and why we emphasized that this is definitely a long term investment. The company is continuing to work with the proper authorities on future development at the Ward Center and the South Street Seaport, but no news to share there yet.

HHC is still behaving about how we expected - pretty boring so far. The share price has dropped significantly over the last several months, but book value has recovered after falling last quarter and now stands at $55.59 a share. This still looks like a solid investment for Fools who are willing to wait for these redevelopment project to come to fruition.

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