2015 homebuilder cfo roundtables - ey - usfile/...page 2 2015 homebuilder cfo and tax director...

2015 Homebuilder CFO and Tax Director Roundtables | 14-16 June 2015

2015 HomebuilderCFO Roundtables

Four Seasons | Las Vegas14-16 June 2015


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Nothing to Fear: Repositioning Real Estateas an Opportunity for Homebuilders► Mike Straneva, Ernst & Young LLP [moderator]► Mark Bulmash, The Howard Hughes Corporation► John Goodman, Lewis Group of Companies► Lisa Hall, Forest City Stapelton, Inc.

Page 2 2015 Homebuilder CFO and Tax Director Roundtables | 14-16 June 2015

LANDMARK VA

Mark BulmashSenior Vice President, Development, The Howard Hughes Corporation

§ Oversees Central and Southeast for HHC, including Charlotte,Miami, New Orleans and Dallas

§ 27-year veteran of retail real estate in senior leadershippositions at the Taubman Company, Related Companies andForest City

§ Inaugural class member of ICSC's Certified Retail PropertyExecutives (CRX)

§ Key projects included: The Outlet Collection at Riverwalk; ThePromenade Bolingbrook; The Shops at Wiregrass; The Villageat Gulfstream Park; White Oaks Village; The Shops at WillowBend; and The Mall at Wellington Green

§ MBA from The Wharton School, The University ofPennsylvania; MCP, Physical Planning and EconomicDevelopment from The University of Pennsylvania; BSArchitecture from The University of Michigan

THE HOWARD HUGHES CORPORATION

ICONIC LOCATIONSOur Portfolio is Making a Mark on the Nation

Our mission is to be the preeminent developer and operator of master plannedcommunities and mixed-use properties. We create timeless places and memorable

experiences that inspire people while driving sustainable, long-term growth andvalue for our shareholders.

COMPANY SNAPSHOT

“IF THERE ISVALUE TOUNLOCK

ANYWHERE, INANY MARKET, WE

WILL FIND IT.”David R. Weinreb, CEO

16States

1100+Employees

32Assets

NYSE:HHC

HQDallas,

TX

Est.2010

STRENGTH IN NUMBERSUnlocking Value From Wall Street to Waikiki

$6.1 BNMarket Cap(APRIL‘15)

Over$2.5 BNUnderConstruction

$635 MMTotalConsolidatedRevenues

$560 MMUnrestrictedcash on hand$351MM

MPCLand Sales31%

Net Debt/NetBookCapitalizationRatio

45 MM SF in Development

DIVERSE DEVELOPMENT CAPABILITIESOne of the Most Product Diverse Portfolios of any Real Estate Company Today

RESIDENTIAL

OFFICE

MIXED-USE

RETAIL

HOSPITALITY

LANDMARK VA


TRADEAREADEMOGRAPHICS335,687Trade Area Population

4%Population Growth(Five year projection)

$115,298Avg. HH Income

(55% greater than U.S. avg.)

41%HH Income over $100,000

(nearly twice the U.S. avg.)

53%College Graduates

(87% greater than U.S. avg.)

25%Graduate or Professional

Degree(15 points above the U.S. avg.)

38%Single Person Households

(11 points above theU.S. avg.)

71%White Collar Workforce

(11 points above theU.S. avg.)

LANDMARK VA

$2.4b - Spending on goods and merchandise (16% increase over the next five years)$1.0b - Spending potential for food away from home (18% increase over the next five years)


LANDMARK VA


SEARS

MACY’S

S.VA

ND

OR

NS

T.

DUKE ST.

190,000

61,000

23,000

LANDMARK VA

STRONG LOCATIONOBSOLETE

USE / DESIGN


LANDMARK VA

Envision a community unlike any other in the DC Metro area. The new Landmark will be a modernoasis, strategically positioned in highly desirable Alexandria, providing neighbors luxurious

amenities, unique dining and entertainment, eclectic retail and all the conveniences difficult to get toinside the Beltway. This mixed-use community will be the urban heart of the West End.


LANDMARK VA


MACY’S

A VIBRANTCOMMUNITYDESTINATION

750,000 SF mixed-usecommunity with anurban, contemporarydesign

4-6 full-servicerestaurants

6-8 fast-casual diningoptions

44,000 SF 10-screenluxury cinema

Community gatheringplace with one acre ofnew parks, plazas,outdoor seating andseasonal entertainment

386 upscale residences

SEARS

PARKING

CINEMA: Level 2

RETAIL: Level 1RESIDENTIAL: Levels 2-5


RETAIL & DINING: Level 1

RETAIL & DINING: Levels 1 & 2

RETAIL & DINING: Levels 1 & 2

FAST CASUAL DINING: Level 1RESIDENTIAL: Levels 2-5


LANDMARK VA


LANDMARK VA


LANDMARK VANorth and South Elevations


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