Howard Hughes Extends Standstill Agreement with Pershing Square to May 30, 2025

Rhea-AI Summary

Howard Hughes Holdings has announced an extension of its standstill agreement with Pershing Square Capital Management until May 30, 2025. This development represents a continuation of their previously established arrangement.

The company, trading under NYSE symbol HHH, has enlisted Morgan Stanley as financial advisor to its Special Committee of the Board of Directors. Legal counsel is being provided by Hogan Lovells US and Richards, Layton & Finger.

Howard Hughes maintains a cautious communication stance, stating they will not provide additional comments until deemed necessary or legally required. The company also emphasizes that there is no guarantee of any specific outcome from ongoing discussions with Pershing Square.

Positive

• Extension of standstill agreement with major investor Pershing Square indicates continued stability in shareholder relations
• Engagement of prominent financial advisor Morgan Stanley suggests professional handling of strategic discussions

Negative

• Uncertainty around the outcome of discussions with Pershing Square
• Limited transparency as company withholds additional information until further notice

THE WOODLANDS, Texas, April 30, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) today further extended its previously announced standstill agreement with Pershing Square Capital Management L.P. (“Pershing Square”). The standstill agreement will now remain in effect until May 30, 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 standstill agreement deadline between Howard Hughes (HHH) and Pershing Square?

The standstill agreement between Howard Hughes (HHH) and Pershing Square has been extended to May 30, 2025.

Who are the financial and legal advisors for Howard Hughes (HHH) standstill agreement?

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

Will Howard Hughes (HHH) provide updates about discussions with Pershing Square?

Howard Hughes stated they won't comment further until they determine additional disclosure is appropriate or required by law.

Is there a guaranteed outcome from the Howard Hughes (HHH) and Pershing Square discussions?

No, the company explicitly stated there can be no assurance that discussions with Pershing Square will result in any particular outcome.

What role does the Special Committee play in Howard Hughes (HHH) standstill agreement?

The Special Committee of the Board of Directors is overseeing the process with dedicated financial and legal advisors managing the standstill agreement negotiations.