HHC - Howard Hughes announces JDM reacquired stake in Douglas Ranch

• The Howard Hughes ( NYSE: HHC ) has announced that JDM Partners has exercised their remaining option to reacquire a stake in Douglas Ranch.
• The community was acquired by The Howard Hughes from JDM Partners and El Dorado Holdings last October for ~$541M.
• On August 18, JDM Partners exercised its second option to buy back into Douglas Ranch, acquiring an additional 2.8% interest in the Douglas Ranch joint venture for ~$15M.
• The transaction brings the aggregate of JDM Partners' investment in Douglas Ranch excluding Trillium, the community's first 3,000-acre village to ~$65M, which equates to ~12% of the joint venture.

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