• "A super-sized Lennar that develops entire towns and commercial hubs instead of just individual homes."
• "Like Disney, but for building master-planned towns and communities where people live, work, and shop, instead of theme parks."

• Master Planned Community Development: Developing and selling large-scale residential and commercial land parcels within pre-planned communities.
• Strategic Real Estate Development: Engaging in the development, acquisition, and management of various other real estate properties and projects across different time horizons.

Howard Hughes Corporation (HHH) operates in real estate development, focusing on master-planned communities and strategic development projects involving the sale of both residential and commercial land. Given the diverse nature of its offerings and the lack of specific sales breakdowns in the background information, it is not definitively stated whether the company sells primarily to other companies or primarily to individuals. Therefore, identifying major customers is best achieved by describing the categories of customers that it serves across its business segments.

The major customer categories for Howard Hughes Corporation are:

1. Residential Homebuilders: These are companies that purchase large parcels of residential land from Howard Hughes within its master-planned communities. They then develop these parcels, construct homes, and sell the finished houses to individual buyers. This constitutes a significant business-to-business (B2B) relationship for HHH.
2. Commercial Developers and Businesses: This category includes various entities that acquire commercial land or developed properties from Howard Hughes. These customers range from commercial real estate developers building office parks, retail centers, or industrial facilities, to specific businesses establishing their own corporate campuses, retail outlets, or service providers within HHH's communities. This also represents a key B2B customer segment.
3. Individual Homebuyers: While much of the residential land is sold to homebuilders, Howard Hughes also sells residential lots directly to individuals within its master-planned communities. These individuals purchase land to build custom homes, forming a business-to-consumer (B2C) customer base.

David R. O'Reilly, Chief Executive Officer

Mr. O'Reilly has served as the Chief Executive Officer and a Director of Howard Hughes Holdings Inc. (HHH) since December 2020. He previously held the roles of President and Chief Financial Officer at HHH, joining the company in 2016. Prior to joining HHH, Mr. O'Reilly served as Executive Vice President, Chief Investment Officer, and Chief Financial Officer for Parkway Properties, Inc., a publicly traded real estate investment trust. His career also includes experience in investment banking as a Senior Vice President at Barclays Capital Inc. and Lehman Brothers, where he was involved in financial advisory and merger and acquisition activities, including leveraged buyouts and IPOs.

Carlos Olea, Chief Financial Officer

Mr. Olea was appointed Chief Financial Officer of Howard Hughes Holdings Inc. (HHH) in January 2022. Before becoming CFO, he served as HHH's Chief Accounting Officer from 2019 to 2022. Prior to his tenure at HHH, Mr. Olea held the position of Chief Accounting Officer at Carr Properties and gained experience at Ernst & Young in advisory services and at AvalonBay Communities as Director of Technical Accounting & Financial Reporting.

L. Jay Cross, President

Mr. Cross serves as the President of The Howard Hughes Corporation. He previously held the position of President of Related Hudson Yards, where he led the development efforts for the 28-acre Hudson Yards site in New York City. His extensive career of over 30 years in real estate and corporate business also includes serving as President of the New York Jets LLC and President of Business Operations for the Miami Heat LP, where he was responsible for the development of MetLife Stadium and the American Airlines Arena.

Douglas Johnstone, President of the Hawaii Region & National Condominium Development

Mr. Johnstone holds the title of President of the Hawaii Region & National Condominium Development at Howard Hughes Holdings Inc.

Joseph Valane, General Counsel

Mr. Valane is the General Counsel for Howard Hughes Holdings Inc.

1. Real Estate Market Cyclicality and Economic Conditions: The Howard Hughes Corporation's performance is highly sensitive to the broader economic environment and the cyclicality of the real estate industry. Downturns in homebuilding, condominium development, retail, and office sectors, driven by factors such as employment levels, consumer confidence, and overall economic uncertainty, can significantly impact tenant occupancy rates, property values, and the company's ability to expand and finance its projects.

2. Interest Rate Volatility, Inflation, and Financing Risks: Fluctuations in interest rates pose a substantial threat to HHH's financial stability. Rising interest rates can escalate the cost of financing for the company's considerable indebtedness, making it more challenging to refinance existing debt. Additionally, higher interest rates can reduce consumer demand for housing and condominiums by increasing mortgage costs, directly affecting sales and the profitability of development projects. Inflation also contributes to increased construction costs, further impacting project margins.

3. High Indebtedness and Access to Capital: The company carries substantial debt, which, as of December 31, 2025, was approximately $5.1 billion. The ability to manage this debt, including refinancing upcoming maturities, is critical. Any decrease in credit availability or increase in borrowing costs, whether due to market conditions or potential credit rating downgrades, could severely limit HHH's capacity to secure capital for its ongoing and future real estate developments.

United States (Overall Real Estate Market)

Master Planned Communities (U.S.)

Columbia, Maryland

Residential Development:

Commercial Development:

Houston, Texas

Residential Development:

Commercial Development:

Las Vegas, Nevada

Residential Development:

Commercial Development:

Howard Hughes Holdings Inc. (HHH) is expected to drive future revenue growth over the next two to three years through a combination of its core real estate operations and a significant strategic diversification.

1. Continued Master Planned Community (MPC) Land Sales and Favorable Pricing: The company anticipates ongoing strong demand and pricing power for residential and commercial land within its established Master Planned Communities, such as Summerlin in Las Vegas and Bridgeland in Greater Houston. While 2026 is projected to see a normalization of MPC earnings before taxes (EBT) after a record 2025, the underlying demand for developed land and high average prices per acre are expected to continue driving revenue. The Teravalis project in Greater Phoenix is also identified as a significant long-term growth asset, with early monetization phases expected to contribute over time.
2. Condominium Closings and Strong Pre-Sales at Ward Village: HHH has a substantial backlog of contracted future condominium revenue, primarily from its Ward Village development in Honolulu. Key projects like The Park Ward Village, Victoria Place, Ulana, Melia, and 'Ilima have high pre-sale rates, with significant revenue recognition expected from closings over the next few years. For 2026, the company projects condominium gross revenue of approximately $720 million to $750 million, mainly driven by closings at The Park Ward Village.
3. Growth in Net Operating Income (NOI) from Operating Assets: Howard Hughes Holdings expects continued growth in Net Operating Income from its portfolio of operating assets, including office, multifamily, and retail properties within its MPCs. Strong lease-up activity and abatement expirations in locations like The Woodlands, Merriweather District, and Summerlin contributed to an 8% increase in Total Operating Assets NOI in 2025, and management guides for a 1% to 5% increase in 2026.
4. Diversification through the Acquisition of Vantage Group Holdings Ltd.: A significant driver of future revenue growth stems from HHH's strategic transformation into a diversified holding company, marked by the pending acquisition of Vantage Group Holdings Ltd., a specialty insurance and reinsurance company, for approximately $2.1 billion. This acquisition, expected to close in the second quarter of 2026, is anticipated to diversify revenue streams, accelerate the company's overall growth profile, and reduce reliance on real estate market cycles.

Share Repurchases

• In November 2021, The Howard Hughes Corporation announced a share repurchase program authorizing up to $250 million of its shares.
• In March 2022, the company's Board of Directors approved a second $250 million share buyback program, following the completion of the prior November 2021 authorization.
• A proposed $500 million share repurchase was discussed in January 2025 as part of a larger transaction, intended to be financed by newly issued bonds.

Share Issuance

• In 2025, Howard Hughes Holdings Inc. sold 9,000,000 newly issued shares to Pershing Square for $900 million.

Inbound Investments

• In May 2025, Pershing Square Capital Management made a significant $900 million investment in Howard Hughes Holdings Inc., acquiring 9 million newly issued shares at $100 per share, which represented a 48% premium at the time.
• This investment is a key component of the company's strategic transformation into a diversified holding company.

Outbound Investments

• In late 2025, Howard Hughes Holdings Inc. agreed to acquire 100% of Vantage Group Holdings Ltd., a privately held specialty insurance and reinsurance company, for approximately $2.1 billion in cash.
• In 2021, the company acquired the 37,000-acre Douglas Ranch development in the Phoenix area, later renamed Teravalis, for $600 million.

Capital Expenditures

• In 2024, the company progressed on construction of seven commercial development projects that are expected to generate nearly $24 million of incremental stabilized Net Operating Income (NOI).
• Construction on The Launiu, a condominium project, is expected to commence in 2025.
• The company continues to allocate capital to its Master Planned Communities (MPCs) and strategic developments, with the MPC segment projected to generate excess cash for investments in new ventures over time.