The total estimated cost of Howard Hughes' 110 North Wacker project is $761 million, with an estimated 7.9% unlevered yield on cost.

Judge as of 2018-05-17. True: Howard Hughes Corporation's filings or official announcements from around that date (Q1 2018 10-Q, earnings supplement, press release or investor presentation) give the total estimated development cost of 110 North Wacker as $761 million and the estimated unlevered yield on cost as 7.9%. Mostly true: one figure matches and the other differs slightly (cost within about 2% of $761M, or yield within 0.2 percentage points of 7.9%). Mixed: one figure matches and the other differs materially. Mostly false: both figures differ but are in the same general range, or the figures belong to a different project or date. False: the company's disclosed figures differ substantially on both counts. A formal restatement of these same estimates for the same date governs.

Set before the research began.

1. E1 Howard Hughes Holdings Inc. (HHC) Q1 FY2018 Earnings Call Transcript - May 2, 2018 roic.ai (third-party transcript aggregator) · 2 May 2018

   “Total project costs are $761 million and the project is expected to generate a 7.9% unlevered yield on cost.”

2. E2 Howard Hughes Holdings Inc. (HHC) Q1 FY2018 Earnings Call Transcript - May 2, 2018 roic.ai (third-party transcript aggregator) · 2 May 2018

   “If you exclude the $38 million of additional land basis from our contribution, the NOI yield would be 8.3%.”

E1 is a third-party transcript of Howard Hughes' Q1 2018 earnings call on 2 May 2018. In it, the company gives total project costs of $761 million and an expected 7.9% unlevered yield on cost, which match both figures in the claim. E2, from the same call, adds that the yield would be 8.3% without the $38 million of additional land basis. That is consistent with the 7.9% figure as the headline estimate. The quoted passages do not name 110 North Wacker themselves, but they come from the company's official earnings call two weeks before the claim date, and no evidence points to a different figure or project.