Howard Hughes Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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Seaport
| PROPERTIES | Table of ContentsIndex to Financial Statements |
|---|
SEAPORT
The Seaport, located on the East River in Lower Manhattan, encompasses several city blocks (inclusive of Historic Area/Uplands, Pier 17, Tin Building, and the 250 Water Street development) and totals approximately 472,000 square feet of innovative culinary, entertainment, and cultural experiences.
The following table summarizes certain metrics of the Seaport as of December 31, 2023:
| $ in thousands · Landlord Operations (a) · Landlord Operations - Multi-family (b) · Managed Businesses (c) · Tin Building (d) · Events and Sponsorships (e) · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Rentable Square Feet / Units | |||||||||
| Total square feet / units | 342,674 | 13,000 | / | 21 | 51,458 | 53,783 | 24,577 | ||
| Leased square feet / units | (f) | 201,223 | — | / | 21 | 45,846 | 53,783 | 24,577 | |
| % Leased | (f) | 59% | —% | / | 100% | 89% | 100% | 100% | |
| Development | |||||||||
| Development costs incurred | (g) | $ 567,414 | $ — | $ — | $ 201,579 | $ — | $768,993 | ||
(a)Landlord Operations represents physical real estate in the Historic District and Pier 17 developed and owned by HHH and leased to third parties.
(b)Landlord Operations - Multi-family represents 85 South Street which includes base-level retail in addition to residential units.
(c)Managed Businesses represents retail and food and beverage businesses in the Historic District and Pier 17 that HHH owns, either wholly or through joint ventures, and operates, including through license and management agreements.
(d)The Company owns 100% of the Tin Building and leases 100% of the space to the Tin Building by Jean-Georges joint venture, in which the Company has an equity ownership interest.
(e)Events and Sponsorships includes private events, catering, sponsorships, concert series, and other rooftop activities.
(f)The square footage and percent leased for Landlord Operations includes agreements with terms of less than one year.
(g)Development costs incurred are shown net of insurance proceeds of approximately $64.7 million and excludes any impact related to the Seaport impairment recognized in 2023. Refer to Note 4 -Impairmentin the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K for additional detail.
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