Howard Hughes Holdings Inc. (HHH)

In May 2025, Pershing Square Capital Management announced a $900 million investment to acquire nine million newly issued shares of HHH, with the strategic intent to transform HHH into a diversified holding company. HHH released its Q2 2025 earnings on August 6, 2025, reporting strong results, with adjusted operating cash flow of $91 million and record residential land sales prices per acre in its MPCs. On November 10, 2025, HHH reported Q3 2025 EPS of $2.02, exceeding forecasts, and its master-planned community segment achieved record earnings. The company raised its full-year EBT guidance by $20 million to $450 million and adjusted operating cash flow guidance to $440 million for 2025. Over the last six months, HHH stock has seen an increase of 22.74%.

Demand for Howard Hughes Holdings Inc.'s products and services exhibits some seasonality, though underlying demand remains strong. Consumer demand for homes can experience pauses during periods of high volatility in treasuries, mortgage rates, and general economic uncertainty. There is a significant underlying demand for homes in the United States due to a shortage of over a million homes. Current demand is primarily driven by move-up and luxury buyers. Howard Hughes Holdings Inc. has observed steady demand for new homes across its communities and anticipates strong home sales for the second half of 2025.

Howard Hughes Holdings Inc. (HHH) specializes in owning, managing, and developing commercial, residential, and mixed-use real estate across the United States. The company was founded in 2010 as a spin-off from General Growth Properties (GGP). Its core business segments include Master-Planned Communities (MPCs), Operating Assets, Strategic Developments, and Seaport. HHH is known for developing and managing large-scale, long-term community development projects that integrate residential, commercial, and recreational spaces. The Operating Assets segment comprises income-generating properties such as retail centers, office buildings, and multifamily residential properties. HHH invests in large-scale development projects that align with its long-term vision. The Seaport segment focuses on landlord operations, managed businesses, and events and sponsorships services.

Howard Hughes Holdings Inc. has a significant geographic footprint across the United States, with projects spanning various urban markets. Its master-planned communities and other developments are located in Texas (The Woodlands, Bridgeland, and The Woodlands Hills), Nevada (Summerlin), Maryland (Columbia), Arizona (Teravalis), Hawaii (Ward Village), and New York (The Seaport District NYC). Other states where the company has projects include Louisiana, Illinois, Virginia, North Carolina, New Jersey, and Utah.

Howard Hughes Holdings Inc. is recognized for its commitment to innovative placemaking, design excellence, and fostering the cultural life of its communities. The $900 million investment from Pershing Square Capital Management in May 2025 has likely positively impacted its brand reputation. The company's continued success in its master-planned communities reinforces its reputation as a leader in community development. The grand opening of Teravalis in the Phoenix West Valley in November 2025 also highlights positive community engagement and economic impact.

Howard Hughes Holdings Inc. has a significant institutional ownership, with 87.56% to 93.83% of its stock held by institutional shareholders. Key institutional investors include Pershing Square Capital Management, L.P., Vanguard Group Inc, Dimensional Fund Advisors Lp, and BlackRock, Inc. Bill Ackman, through Pershing Square Capital Management, L.P., is the largest individual shareholder, owning 31.74% of the company's shares.