Craig Big's questions to Howard Hughes Holdings Inc (HHH) leadership • Q4 2024
Question
Craig Big of Jesper Fund asked about the company's capital allocation priorities, particularly its stance on using share buybacks to address the stock's discount to NAV, and whether Pershing Square's ownership stake imposes limitations.
Answer
CEO David O'Reilly stated that the board evaluates all capital allocation options quarterly, including share repurchases, weighing them against high-return development opportunities like condominiums. He emphasized the goal is to deploy capital for the highest possible shareholder return. He did not comment on specific limitations from Pershing Square's ownership, focusing instead on operational execution.