Strong start to the year affirms expectations for record MPC and Operating Assets performance in 2025 THE WOODLANDS, Texas, May 07, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the "Company," "HHH," "Howard Hughes," or "we") today announced operating results for the first quarter ended March 31, 2025. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as available through the Investors section of our we ...

Core Viewpoint - Howard Hughes Holdings Inc. (HHH) is transforming into a diversified holding company following a $900 million investment from Pershing Square Holdco, L.P. [1][2] Group 1: Company Strategy - The new business strategy will focus on acquiring controlling stakes in high-quality, durable growth public and private operating companies [2] - A live Spaces session will be held to discuss this transformation and allow public engagement [2][3] Group 2: Financial Details - The investment from Pershing Square is valued at $900 million, which will support HHH's strategic shift [1] Group 3: Company Background - Howard Hughes Holdings Inc. owns and manages a diverse portfolio of commercial, residential, and mixed-use real estate across the U.S. [5] - The company is recognized for its master planned communities and development opportunities in various key locations [5]

Core Viewpoint - Bill Ackman has successfully negotiated a deal with Howard Hughes Holdings to create a diversified holding company, akin to a modern-day Berkshire Hathaway, with a significant investment from Pershing Square [1][10]. Investment Details - Pershing Square will invest $900 million in newly created shares, purchasing 9 million shares at a price of $100 each, resulting in a 46.9% stake in Howard Hughes [3][4]. - The investment will enable the company to build a portfolio of controlling stakes in high-quality public and private operating companies while continuing to grow its core real estate business [4]. Management Structure - Ackman will assume the role of executive chairman, while the current leadership team, including CEO David O'Reilly, will remain in place [5]. - A new position of chief investment officer will be created, to be filled by Pershing Square's CIO, Ryan Israel [5]. Fee Structure Changes - The management fee structure has been revised to a base fee of $3.75 million paid quarterly, approximately 0.4% of the current market cap annually, which aligns management incentives with shareholder success [6][7][8]. - Additionally, a quarterly management fee of 0.375% will be applied only to any increase in the company's market cap above a threshold of approximately $3.9 billion, adjusted for inflation [7]. Future Prospects - Ackman indicated that acquiring or building an insurance company may be part of the business strategy, similar to Berkshire Hathaway's model [11]. - The transaction does not require further shareholder approvals and was finalized on May 5, following the board's approval [11].

Group 1 - Bill Ackman plans to increase his stake in Howard Hughes Holding (HHH.US) to 48% and aims to create a modern version of Berkshire Hathaway [1] - Ackman revealed that Howard Hughes may acquire or create an insurance company, citing the success of Berkshire Hathaway's insurance operations as a key factor for its high returns [1] - Ackman will serve as the chairman of Howard Hughes, leveraging his expertise to help the real estate developer invest in public and private companies [1] Group 2 - The creation of an insurance company within a diversified holding company allows for greater flexibility in asset allocation compared to a standalone insurance company [2] - Ackman indicated that many alternative asset management firms have pursued insurance company acquisitions to access float, which provides stable cash flow for investments [2] - Ackman expressed a preference for starting a new insurance company from scratch rather than acquiring an existing one, and is in discussions with a notable executive in the industry [2]

Howard Hughes Holdings (HHH) closed the last trading session at $67.47, gaining 0.1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $90.67 indicates a 34.4% upside potential.The average comprises three short-term price targets ranging from a low of $82 to a high of $105, with a standard deviation of $12.50. While the lowest estimate indicates an increase of 21.5% from the current ...

Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.Bill Ackman's Pershing Square has agreed to invest $900 million in real estate company Howard Hughes, the companies announced Monday, as the billionaire hedge fund manager looks to follow in the footsteps of Warren Buffett.The deal involves Pershing Square buying 9 million newly issued shares of Howard Hughes for a total cost of $900 million. The purchase price is 48% above whe ...

Core Viewpoint - Pershing Square is investing $900 million in Howard Hughes Holdings Inc. (HHH) to support its strategic expansion into a diversified holding company, acquiring controlling interests in high-quality public and private companies while continuing its core real estate development business [2][9]. Investment Details - Pershing Square will acquire 9,000,000 newly issued shares of HHH at $100.00 per share, representing a 48% premium to HHH's closing price on May 2, 2025 [3][9]. - Following the investment, Pershing Square will own 46.9% of HHH shares outstanding, with an agreement to limit its voting power to 40% and beneficial ownership to 47% [3][6]. Leadership Changes - Bill Ackman, Chairman and CEO of Pershing Square, has been appointed as the Executive Chairman of HHH's Board of Directors, while Ryan Israel will take on the role of Chief Investment Officer at HHH [4][9]. - The existing leadership team at HHH, led by CEO David O'Reilly, will remain unchanged but will have expanded roles and responsibilities [4][11]. Strategic Support - The entire Pershing Square organization will provide HHH with investment, advisory, and ancillary services, including corporate development and capital markets assistance [5][9]. - HHH will continue to develop its core Master Planned Communities and other strategic developments, maintaining its position as a leading community builder [10][11]. Financial Arrangements - HHH will pay Pershing Square a quarterly base fee of $3.75 million and a management fee based on the increase in HHH's equity market capitalization above a predetermined reference market cap [7][8]. - The reference market cap is calculated using a post-transaction share count of 59,393,938 and a reference market price of $66.1453, adjusted annually for inflation [7]. Governance Structure - The transaction was approved by HHH's Special Committee, composed entirely of independent directors, and will result in a board with a majority of independent directors [12][13]. - Pershing Square has the right to nominate three directors as long as it holds at least 17.5% of HHH's fully diluted shares [13].

Core Viewpoint - Howard Hughes Holdings Inc. has extended its standstill agreement with Pershing Square Capital Management until May 30, 2025, indicating ongoing discussions between the two parties [1][2]. Company Overview - Howard Hughes Holdings Inc. is engaged in owning, managing, and developing commercial, residential, and mixed-use real estate across the U.S. [3] - The company boasts a portfolio that includes master planned communities and various operating properties, strategically positioned to meet market demand [3]. - Notable developments include Downtown Columbia in Maryland, The Woodlands, Bridgeland, Summerlin in Las Vegas, Ward Village in Honolulu, and Teravalis in Greater Phoenix [3]. - The company is recognized for its commitment to design excellence and cultural life within its communities [3].

THE WOODLANDS, Texas, April 14, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) today further extended its previously announced standstill agreement with Pershing Square Capital Management L.P. (“Pershing Square”). The standstill agreement will now remain in effect until April 30, 2025, unless further extended. There can be no assurance that discussions with Pershing Square will result in any particular outcome, and HHH does not intend to comment further on these ma ...

HHH to Host Earnings Call on May 8, 2025THE WOODLANDS, Texas, April 09, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) announced today that the Company will release 2025 first quarter earnings on Wednesday, May 7, 2025, after the market closes and will hold its first quarter conference call on Thursday, May 8, 2025, at 10:00 AM Eastern Time. The Company's earnings release will be posted to the Investors section of the Company's website prior to the confer ...