Because of its stagnant stock price, real estate developer Howard Hughes Corp. could be for sale soon.
In a news release Thursday, the company’s board of directors indicated it will enter into a “broad review” of strategies in hopes of maximizing shareholder value.
The release said Howard Hughes has retained Centerview Partners, a New York-based private equity firm.
The Dallas-based company owns the master-planned Summerlin community, where it started construction in the 1980s. It also owns the Las Vegas Aviators professional baseball team and Las Vegas Ballpark, which is home to the Triple-A club.
A range of options are on the table, according to the company, including a sale, spin-off of its assets, recapitalization and changes to the company’s corporate structure.
“Our business continues to perform extremely well across our three core segments,” said Howard Hughes CEO David Weinreb in the release. “Price per acre of land sold, net operating income and condo sales are all exceeding our expectations. However, our stock continues to languish below its net asset value per share.”
Following the news of a possible sale, Howard Hughes stock jumped, finishing Thursday trading at $131.25 per share on the New York Stock Exchange after closing at $92.54 on Wednesday.
The stock’s previous six-month high was just under $116 per share in February.