Oct 22, 2019

Real estate firm Howard Hughes to sell $2 billion in non-core assets

Bill Ackman in 2017. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

Howard Hughes, a real estate development firm with a market cap of $5.5 billion, said it will sell around $2 billion of non-core assets following a strategic review that also resulted in a CEO change and planned headquarters move from Dallas to Houston.

Why it matters: There had been widespread expectation that the Bill Ackman-chaired company would seek a buyer for the entire company, possibly as a take-private.

The bottom line: "Ackman’s Pershing Square Capital Management is one of the largest holders in Howard Hughes, which was spun out of mall owner General Growth Properties in 2010. The company’s portfolio of 59 properties has retail, office, multifamily and hotel assets throughout the U.S., [and] is known for its six master-planned communities, including Summerlin in Las Vegas, via Bloomberg.

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AT&T signals ceasefire with activist investor

Illustration: Sarah Grillo/Axios

AT&T on Monday agreed to make major changes after a six-week standoff with activist investor Elliott Management.

The big picture: Current AT&T management stays, at least for now, but only after promising to boost buybacks, committing to lofty earnings targets, and promising to find someone new to run its media unit.

Go deeperArrowOct 29, 2019

Trump Organization considers sale of flagship D.C. hotel

Photo: Jonathan Newton/The Washington Post via Getty Images

The Trump Organization is considering selling the rights to the Trump International Hotel in Washington, D.C., reports the Wall Street Journal.

The big picture: Eric Trump, President Trump's son and an executive vice president of the family business, told the WSJ that the move is in part fueled by criticism surrounding the family profiting from the property during Trump's presidency.

Go deeperArrowOct 25, 2019

Big companies are looking to insulate themselves from recession

Jamie Dimon. Photo: Justin Sullivan/Getty Images

JPMorgan CEO Jamie Dimon is considering selling off the company's Manhattan headquarters and cutting or relocating employees to U.S. cities that boast cheaper costs and better tax benefits.

What's happening: It's part of a plan to insulate the company from a looming economic downturn, Bloomberg reported Monday, citing anonymous sources.

Go deeperArrowOct 29, 2019