Howard Hughes Extends Standstill Agreement with Pershing Square

Rhea-AI Summary

Howard Hughes Holdings (NYSE: HHH) has announced an extension of its standstill agreement with Pershing Square Capital Management. The agreement will now remain effective until April 7, 2025.

The company has stated that there is no guarantee that discussions with Pershing Square will lead to any specific outcome. HHH will refrain from further comments until additional disclosure is deemed necessary or legally required.

Morgan Stanley & Co. is serving as financial advisor to the Special Committee of the Board of Directors, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are acting as legal counsel.

THE WOODLANDS, Texas, March 12, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) today announced an extension to the previously announced standstill agreement with Pershing Square Capital Management L.P. (“Pershing Square”). The standstill agreement will now remain in effect until April 7, 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 matters until HHH determines that additional disclosure is appropriate or required by law.

Morgan Stanley & Co. LLC is acting as financial advisor to the Special Committee of the Board of Directors, and Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are acting as legal counsel.

About Howard Hughes Holdings Inc.

Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including Downtown Columbia^® in Maryland; The Woodlands^®, Bridgeland^® and The Woodlands Hills^® in the Greater Houston, Texas area; Summerlin^® in Las Vegas; Ward Village^® in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Contacts:

Media Relations
Andrew Siegel / Lyle Weston 
Joele Frank
212-355-4449

Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com

FAQ

What is the new expiration date for HHH's standstill agreement with Pershing Square?

The standstill agreement has been extended to April 7, 2025.

Who are the financial and legal advisors for Howard Hughes Holdings (HHH) in the Pershing Square negotiations?

Morgan Stanley & Co. is the financial advisor, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. serve as legal counsel.

What is the current status of discussions between HHH and Pershing Square Capital Management?

Discussions are ongoing, but HHH has stated there is no guarantee of any particular outcome.

When will Howard Hughes Holdings (HHH) provide updates on the Pershing Square negotiations?

HHH will not comment further until they determine additional disclosure is appropriate or legally required.