By Kimberly Chin
Howard Hughes Corp. losses widened on higher expenses and lower revenue in the fourth quarter but the company saw rent collections improve and home sales increase from the year-ago period.
The real-estate development and management company posted a loss attributable to shareholders of $6.6 million, compared with a loss of $1.1 million in the same period a year ago. Its per-share loss was 12 cents, compared with a 3 cents-a-share loss a year earlier.
Revenue declined to $213.7 million from $284.2 million a year earlier.
The company cut expenses by 26% to $196.3 million from the year-ago quarter.
In December, the Woodlands, Texas-based company tapped David O'Reilly, who joined the company in 2016 as its chief financial officer, as its chief executive.
Earlier this month, William Ackman's Pershing Square Capital Management LP revealed it recently increased its stake in Howard Hughes to nearly 25%.
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