Landmark Investment Partners Reduces Stake in Howard Hughes Holdings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 19 2026
0mins
Source: Fool
- Share Reduction Details: Landmark Investment Partners L.P. sold 80,107 shares of Howard Hughes Holdings in Q1 2026, resulting in a $7.01 million decrease in the holding's valuation, indicating a decline in market confidence towards the company.
- Holding Proportion Change: Following this sale, Howard Hughes now represents 1.7% of Landmark's assets under management, down from 4.4%, reflecting a waning interest from investors in the company's prospects.
- Company Financial Overview: As of May 14, 2026, Howard Hughes shares were priced at $64.66, down 8.9% year-over-year, with a total revenue of $1.51 billion and a net income of $121.59 million, suggesting pressure on the company's market performance.
- Future Development Strategy: Howard Hughes aims to create long-term value through the development of large master-planned communities, and while land sales and leasing growth were strong in Q1, the upcoming Vantage acquisition and capital allocation will significantly influence its strategic direction.
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Analyst Views on HHH
Wall Street analysts forecast HHH stock price to rise
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 63.770
Low
89.00
Averages
96.33
High
105.00
Current: 63.770
Low
89.00
Averages
96.33
High
105.00
About HHH
Howard Hughes Holdings Inc. is a holding company. The Company, through its subsidiary Howard Hughes Corporation, operates a large‑scale, mixed‑use real estate platform focused on the development of master planned communities (MPCs). Its segments include Operating Assets, MPCs, and Strategic Developments. The Operating Assets segment includes approximately 9.3 million square feet of retail and office space and 5,855 multifamily units. The MPC segment includes the development and sale of residential and commercial land, primarily in large-scale, long-term projects. Its portfolio includes Summerlin in Las Vegas; The Woodlands, The Woodlands Hills and Bridgeland in the Houston region; and Teravalis in the Phoenix region. Its commercial sales include land parcels designated for retail, office, hospitality, high-density residential projects, services, and for-profit activities. The Strategic Developments segment consists of various development and redevelopment projects.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Pershing Square Invests $900 Million in Howard Hughes Holdings
- Significant Investment: Pershing Square announced a substantial investment of $900 million in Howard Hughes Holdings by purchasing 9 million shares, demonstrating strong confidence and support for the company’s transformation and growth strategy.
- Fee Structure: As part of the deal, Howard Hughes will pay Pershing Square a quarterly base fee of $3.75 million along with a management fee based on any increase in the company's equity market capitalization, providing a stable revenue stream that enhances Pershing Square's financial flexibility.
- Executive Appointments: Bill Ackman has been appointed as the Executive Chairman of the Howard Hughes Board, while Pershing Square's Chief Investment Officer Ryan Israel will assume the same role at Howard Hughes, strengthening strategic alignment and resource integration between the two firms.
- Positive Market Reaction: Citi initiated coverage of Pershing Square with a 'Buy' rating and a $50 price target, implying over 40% potential upside, while PS shares rose nearly 1% in Tuesday's pre-market session, reflecting optimistic market sentiment regarding this investment.
See More
Landmark Investment Partners Reduces Stake in Howard Hughes Holdings
- Share Reduction Details: Landmark Investment Partners L.P. sold 80,107 shares of Howard Hughes Holdings in Q1 2026, resulting in a $7.01 million decrease in the holding's valuation, indicating a decline in market confidence towards the company.
- Holding Proportion Change: Following this sale, Howard Hughes now represents 1.7% of Landmark's assets under management, down from 4.4%, reflecting a waning interest from investors in the company's prospects.
- Company Financial Overview: As of May 14, 2026, Howard Hughes shares were priced at $64.66, down 8.9% year-over-year, with a total revenue of $1.51 billion and a net income of $121.59 million, suggesting pressure on the company's market performance.
- Future Development Strategy: Howard Hughes aims to create long-term value through the development of large master-planned communities, and while land sales and leasing growth were strong in Q1, the upcoming Vantage acquisition and capital allocation will significantly influence its strategic direction.
See More
Howard Hughes Holdings Inc. Q1 2026 Earnings Call Insights
- Introduction of New KPIs: CEO David O'Reilly announced the introduction of several new KPIs this quarter to better reflect the company's performance across various asset types, aiming to enhance transparency and boost investor confidence.
- Financial Performance Exceeds Expectations: The company reported Q1 land sales and MPC earnings before taxes of $84 million, a 33% year-over-year increase, indicating strong growth in residential land sales, although annual guidance was removed due to the pending acquisition of Vantage, shifting focus to long-term objectives.
- Liquidity and Financing: The company completed a $1 billion refinancing at the tightest credit spreads in its history, adding $230 million of incremental liquidity, ensuring sufficient funds for the Vantage acquisition and further solidifying the company's financial stability.
- Long-Term Value Framework: The Chief Investment Officer outlined a conservative target valuation of $211 per share, with expectations of generating $2.5 billion to $3 billion in cash flow over the next five years, emphasizing the importance of the insurance business as a capital allocation engine, showcasing the company's confidence in future growth.
See More
Ackman's Dual IPO Raises $5 Billion
- IPO Financing Details: Ackman's dual IPO of Pershing Square Inc. and Pershing Square USA is set to raise $5 billion, nearing the lower end of its original target, indicating a cautious market response to the offering.
- Investor Participation: Institutional investors are covering 85% of the deal, reflecting significant confidence in Ackman's investment strategy despite a complex market environment.
- Shareholder Return Mechanism: Investors purchasing five shares of Pershing Square USA will receive one free share of Pershing Square Inc., a structure designed to attract more investors and enhance market liquidity.
- Strategic Acquisition Plans: Ackman aims to acquire a 47% stake in Howard Hughes Holdings for $900 million, intending to build a diversified holding company akin to Berkshire Hathaway, thereby solidifying his position in the capital markets.
See More
Bill Ackman's New Fund IPO Attracts $5 Billion
- IPO Launch: Bill Ackman's new closed-end fund, Pershing Square USA, is going public at an initial price of $50 per share, with expectations to raise about $5 billion, nearing his initial target of $5 to $10 billion, indicating strong market interest in the offering.
- Management Firm IPO: Ackman's asset management firm, Pershing Square Inc., will also go public, managing both the PSUS fund and Pershing Square Holdings traded in the UK, marking a strategic shift in his business operations and capital management.
- Investment Strategy: According to the prospectus, the PSUS fund will primarily invest in large-cap growth companies listed in North America, particularly when they are underperforming or undervalued, aligning closely with its existing investment strategy and potentially attracting more value-focused investors.
- Retail Investor Attraction: Ackman has reduced the minimum purchase order from $5,000 to $250 and is partnering with retail brokerages to attract more retail investors to the IPO, with the success of this strategy expected to be revealed this week, which could impact future market performance.
See More
Howard Hughes Holdings Appoints New Board Member
- New Board Member: Howard Hughes Holdings Inc. has appointed former Arch Capital CEO Marc Grandisson to its Board of Directors, effective May 7, 2026, which is expected to bring extensive insurance industry experience to support the company's strategic transformation.
- Outstanding Leadership Background: Under Grandisson's leadership, Arch Capital achieved a total shareholder return of 298% from 2018 to 2024, with an annualized return of 23.2%, significantly outperforming the S&P Insurance Index's 144% and 14.4% during the same period, showcasing his exceptional management capabilities.
- Strategic Investment: Grandisson is investing $10 million to purchase warrants for Howard Hughes common stock at a strike price of $100 per share, which is expected to enhance his stake in the company and drive long-term value creation.
- Acquisition Opportunity: This appointment coincides with Howard Hughes's imminent acquisition of Vantage Group Holdings, marking a pivotal shift towards becoming a diversified holding company, with Grandisson's involvement providing crucial support for this strategy.
See More
Pershing Square Invests $900 Million in Howard Hughes Holdings
- Significant Investment: Pershing Square announced a substantial investment of $900 million in Howard Hughes Holdings by purchasing 9 million shares, demonstrating strong confidence and support for the company’s transformation and growth strategy.
- Fee Structure: As part of the deal, Howard Hughes will pay Pershing Square a quarterly base fee of $3.75 million along with a management fee based on any increase in the company's equity market capitalization, providing a stable revenue stream that enhances Pershing Square's financial flexibility.
- Executive Appointments: Bill Ackman has been appointed as the Executive Chairman of the Howard Hughes Board, while Pershing Square's Chief Investment Officer Ryan Israel will assume the same role at Howard Hughes, strengthening strategic alignment and resource integration between the two firms.
- Positive Market Reaction: Citi initiated coverage of Pershing Square with a 'Buy' rating and a $50 price target, implying over 40% potential upside, while PS shares rose nearly 1% in Tuesday's pre-market session, reflecting optimistic market sentiment regarding this investment.
See More
Landmark Investment Partners Reduces Stake in Howard Hughes Holdings
- Share Reduction Details: Landmark Investment Partners L.P. sold 80,107 shares of Howard Hughes Holdings in Q1 2026, resulting in a $7.01 million decrease in the holding's valuation, indicating a decline in market confidence towards the company.
- Holding Proportion Change: Following this sale, Howard Hughes now represents 1.7% of Landmark's assets under management, down from 4.4%, reflecting a waning interest from investors in the company's prospects.
- Company Financial Overview: As of May 14, 2026, Howard Hughes shares were priced at $64.66, down 8.9% year-over-year, with a total revenue of $1.51 billion and a net income of $121.59 million, suggesting pressure on the company's market performance.
- Future Development Strategy: Howard Hughes aims to create long-term value through the development of large master-planned communities, and while land sales and leasing growth were strong in Q1, the upcoming Vantage acquisition and capital allocation will significantly influence its strategic direction.
See More
Howard Hughes Holdings Inc. Q1 2026 Earnings Call Insights
- Introduction of New KPIs: CEO David O'Reilly announced the introduction of several new KPIs this quarter to better reflect the company's performance across various asset types, aiming to enhance transparency and boost investor confidence.
- Financial Performance Exceeds Expectations: The company reported Q1 land sales and MPC earnings before taxes of $84 million, a 33% year-over-year increase, indicating strong growth in residential land sales, although annual guidance was removed due to the pending acquisition of Vantage, shifting focus to long-term objectives.
- Liquidity and Financing: The company completed a $1 billion refinancing at the tightest credit spreads in its history, adding $230 million of incremental liquidity, ensuring sufficient funds for the Vantage acquisition and further solidifying the company's financial stability.
- Long-Term Value Framework: The Chief Investment Officer outlined a conservative target valuation of $211 per share, with expectations of generating $2.5 billion to $3 billion in cash flow over the next five years, emphasizing the importance of the insurance business as a capital allocation engine, showcasing the company's confidence in future growth.
See More
Ackman's Dual IPO Raises $5 Billion
- IPO Financing Details: Ackman's dual IPO of Pershing Square Inc. and Pershing Square USA is set to raise $5 billion, nearing the lower end of its original target, indicating a cautious market response to the offering.
- Investor Participation: Institutional investors are covering 85% of the deal, reflecting significant confidence in Ackman's investment strategy despite a complex market environment.
- Shareholder Return Mechanism: Investors purchasing five shares of Pershing Square USA will receive one free share of Pershing Square Inc., a structure designed to attract more investors and enhance market liquidity.
- Strategic Acquisition Plans: Ackman aims to acquire a 47% stake in Howard Hughes Holdings for $900 million, intending to build a diversified holding company akin to Berkshire Hathaway, thereby solidifying his position in the capital markets.
See More
Bill Ackman's New Fund IPO Attracts $5 Billion
- IPO Launch: Bill Ackman's new closed-end fund, Pershing Square USA, is going public at an initial price of $50 per share, with expectations to raise about $5 billion, nearing his initial target of $5 to $10 billion, indicating strong market interest in the offering.
- Management Firm IPO: Ackman's asset management firm, Pershing Square Inc., will also go public, managing both the PSUS fund and Pershing Square Holdings traded in the UK, marking a strategic shift in his business operations and capital management.
- Investment Strategy: According to the prospectus, the PSUS fund will primarily invest in large-cap growth companies listed in North America, particularly when they are underperforming or undervalued, aligning closely with its existing investment strategy and potentially attracting more value-focused investors.
- Retail Investor Attraction: Ackman has reduced the minimum purchase order from $5,000 to $250 and is partnering with retail brokerages to attract more retail investors to the IPO, with the success of this strategy expected to be revealed this week, which could impact future market performance.
See More
Howard Hughes Holdings Appoints New Board Member
- New Board Member: Howard Hughes Holdings Inc. has appointed former Arch Capital CEO Marc Grandisson to its Board of Directors, effective May 7, 2026, which is expected to bring extensive insurance industry experience to support the company's strategic transformation.
- Outstanding Leadership Background: Under Grandisson's leadership, Arch Capital achieved a total shareholder return of 298% from 2018 to 2024, with an annualized return of 23.2%, significantly outperforming the S&P Insurance Index's 144% and 14.4% during the same period, showcasing his exceptional management capabilities.
- Strategic Investment: Grandisson is investing $10 million to purchase warrants for Howard Hughes common stock at a strike price of $100 per share, which is expected to enhance his stake in the company and drive long-term value creation.
- Acquisition Opportunity: This appointment coincides with Howard Hughes's imminent acquisition of Vantage Group Holdings, marking a pivotal shift towards becoming a diversified holding company, with Grandisson's involvement providing crucial support for this strategy.
See More
