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Howard Hughes Holdings Inc. (HHH) is a real estate-focused company that develops, manages, and invests in large-scale, mixed-use communities and income-generating properties across the United States. The company specializes in creating master planned communities, developing residential and commercial properties, and managing a portfolio of operating assets. HHH's business model emphasizes sustainability and long-term growth, leveraging synergies across its segments to create a self-sustaining cycle of value creation.
- Master Planned Communities (MPCs) - Develops and manages large-scale, mixed-use communities in high-growth markets such as Las Vegas, Houston, and Phoenix. Focuses on selling residential land to homebuilders, which drives demand for commercial developments.
- Operating Assets - Owns and operates income-generating retail, office, and multi-family properties, as well as other real estate investments. Generates recurring revenue and funds other developments through net operating income.
- Strategic Developments - Focuses on residential condominium and commercial property projects under development, as well as properties held for future development. Completed projects transition to Operating Assets to generate recurring income.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ben Hakim ExecutiveBoard | President | President of Pershing Square SPARC Holdings; Partner at Pershing Square Capital Management | Joined HHH Board in April 2024. Became President in June 2024. Extensive real estate and capital markets expertise. Former Senior Managing Director at Blackstone. | |
David O'Reilly ExecutiveBoard | CEO | Independent Trustee at Kite Realty Group Trust | Joined HHH in 2016 as CFO, became CEO in December 2020. Oversees sustainable growth and portfolio value creation. Holds a B.S. in Civil Engineering from Tufts and an MBA from Columbia. | View Report → |
Carlos Olea Executive | CFO | None | Joined HHH in 2017. Promoted to CFO in January 2022. Oversees financial strategy, capital markets, and liquidity. Holds a Master’s in Real Estate from Georgetown and a B.S. in Accounting and Finance from ITESM. | |
Joe Valane Executive | General Counsel & Secretary | None | Joined HHH in March 2024. Oversees legal matters. Previously General Counsel at Revantage and Shopcore. Holds a J.D. from NYU and a B.A. in International Affairs from George Washington University. | |
L. Jay Cross Executive | President | Independent Trustee at Choice Properties REIT | Joined HHH in December 2020. Oversees master-planned communities and mixed-use developments. Previously led Hudson Yards and MetLife Stadium projects. Holds degrees in Nuclear Engineering and Architectural Technology. | |
Adam Flatto Board | Director | President & CEO of The Georgetown Company | On HHH Board since 2010. Leads The Georgetown Company, overseeing major real estate projects. Extensive experience in real estate investment and development. | |
Allen Model Board | Director | Treasurer & Vice Chairman at Overseas Strategic Consulting; Director at Q’ligent | On HHH Board since 2010. Extensive consulting and investment experience. Previously served on boards of multiple public and private companies. | |
Anthony Williams Board | Director | CEO of Federal City Council; Senior Advisor at King & Spalding | On HHH Board since 2021. Extensive experience in urban development and public policy. Former Mayor of Washington, D.C.. | |
Beth Kaplan Board | Director | Board Member at Rent the Runway, Crocs, and Brilliant Earth Group | On HHH Board since 2017. Extensive leadership in marketing and digital operations. Chairs multiple committees at external companies. | |
Dana Hamilton Board | Director | Board Member at Opendoor Technologies; Co-Founder & President of Ameriton LLC | On HHH Board since June 2024. Extensive real estate operations and investment experience. Former Board Member at Life Storage. | |
David Eun Board | Director | Co-CEO of Alakai, LLC; Venture Partner at Valo Ventures | On HHH Board since 2023. Former President and Chief Innovation Officer at Samsung Electronics. Extensive experience in media and technology. | |
Mary Ann Tighe Board | Director | CEO of CBRE’s New York Tri-State Region | On HHH Board since 2011. Renowned real estate executive with over 40 years of experience. Former Chair of the Real Estate Board of New York. | |
R. Scot Sellers Board | Presiding Director | Chairman of Maui Land & Pineapple Company; Board Member at The Irvine Company and Milhaus LLC | On HHH Board since 2010. Former Chairman/CEO of Archstone. Overseen $40B in real estate projects. Holds extensive real estate leadership experience. | |
Steven Shepsman Board | Director | Executive Managing Director at New World Realty Advisors; Trustee at University of Buffalo Foundation | On HHH Board since 2010. Chair of Audit Committee. Extensive accounting and financial expertise in real estate. |
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With the increase in liquidity from recent land and condo sales, and given the relatively low returns on new developments, how do you plan to allocate capital over the next few quarters to maximize shareholder value?
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Considering your limited office vacancies and the decision not to pursue new office developments in the near term, how are you evaluating capital allocation between share buybacks and investing in other asset classes like multifamily or retail, especially in light of tight development yields?
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With inventories of finished new homes and vacant developed lots in your MPCs significantly undersupplied compared to equilibrium levels, how do you plan to address the elevated demand without risking lost sales due to inventory constraints?
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Your G&A expenses have increased by 15% year-over-year despite the Seaport spin-off; do you expect G&A to moderate going forward, and what measures are you implementing to control these expenses?
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Despite high mortgage rates and economic uncertainties, your land and home sales suggest strong growth; how sustainable is this performance, and what is your outlook for 2025 in terms of land sales and MPC earnings?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Waterway Plaza II | 2024 | Waterway Plaza II was acquired in June 2024 for $19.2 million, securing a Class A office building with about 141,763 square feet and an adjacent parking garage on a 3.23-acre site at The Woodlands Town Center, Greater Houston. The deal is structured to deliver double-digit returns upon stabilization and offers long-term redevelopment potential as a covered land play. |
Grogan’s Mill Village Center | 2023 | Grogan’s Mill Village Center was acquired in May 2023 for $5.9 million as a retail property spanning approximately 8.7 acres in The Woodlands, Texas; the asset is held within the Strategic Developments segment. |
Recent press releases and 8-K filings for HHH.
- Howard Hughes Holdings CEO David O’Reilly indicates a pause in home buyer demand, attributed to high volatility in treasuries, mortgage rates, and economic uncertainty.
- Despite the current market conditions, there remains a shortage of over a million homes in the U.S., and underlying demand is present but patient.
- The company's strategy of selling land to home builders remains consistent and is expected to lead to another record year of land sales.
- Current home buyer demand is primarily driven by move-up buyers and luxury buyers, who are less impacted by high mortgage rates, while first-time home buyer demand is at a 20-year low.
- Strong Q1 performance: Adjusted operating cash flow reached $63 million ($1.27 per diluted share) and operating assets posted a new quarterly record with $72 million in NOI, reflecting a 9% year-over-year growth.
- Robust MPC segment: The MPC segment delivered EBT of $63 million driven by strong land sales—including 29 acres in Summerlin and 41 acres in Texas—with an average price per acre of $991K, alongside sequential improvements in new home sales.
- Strategic development progress: Condo presales were solid with 27 units contracted, contributing approximately $51 million in incremental future revenue, and a pipeline for about $2.7 billion in future revenue is in place for projects slated between 2025 and 2028.
- Enhanced liquidity and strategic transaction: Multiple financing closings provided over $800 million in available liquidity, while a $900 million capital infusion from Pershing Square is transforming the company into a diversified holding entity.
- Pershing Square Investment: On May 5, 2025, Pershing Square invested $900 million to acquire 9 million new shares at $100 per share—a 48% premium—resulting in approximately 46.9% ownership with specified voting limits .
- Q1 2025 Earnings Turnaround: Net income from continuing operations reached $10.8 million (or $0.21 diluted per share), a rebound from a prior-year loss of $21.0 million (or $(0.42) per share) .
- Achieved a record NOI of $72 million, reflecting a 9% YoY improvement, while the Master Planned Communities segment reported EBT of $63 million with improved land sales performance .
- Strategic Transformation: HHH plans to leverage this investment to transform into a diversified holding company, expanding its strategy to acquire controlling stakes in growth companies while continuing core real estate operations .
- Maintained full-year guidance with a mid-point adjusted operating cash flow of $350 million, supporting future acquisitions and diversification .