The Howard Hughes Corporation (NYSE: HHC) announced a secondary offering on Friday. The offering consists of two million shares at $50 a share.

The company said it also entered into a purchase agreement with Pershing Square Capital Management.

Pershing Square will buy another 10 million shares. Combined, the two stock sales netted the real estate developer and operator more than $580 million.

Howard Hughes Corporation and Pershing Square

Howard Hughes announced back in October that they would be transforming the company. They announced three steps to that process, including cutting expenses by $45 to $50 million selling over $2 billion of noncore assets and using the cash to buy back stock and reinvest in income-producing core master-planned communities. The implementation of that plan has been stalled by the outbreak of the coronavirus and its rapid spread across the United States.

The spread of COVID-19 has caused them to idle sone projects because of a reduction in their workforce due to the spread of the disease. Howard Hughes has also had to close 3 of the four hotels they own, which represented 7% of their revenues last year. The company has also had to implement delays, postponements, or shutdowns of certain or all of our construction and development projects. Management said in the offering prospectus that it also anticipates a steep decline in rental payments for its tenants if the discontinues spreading for an extended period of time.

Howard Hughes Corporation expects to use the net proceeds of the offering and the net proceeds of the concurrent private placement for general corporate purposes, including to strengthen the balance sheet and provide liquidity to withstand the economic impact of the Pandemic on their business.

Pershing Square will now become the largest shareholder of Howard Hughes Corporation, with over 12 million shares of stock in the company.

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