A real estate developer that builds entire master-planned communities (think mini-cities) in Las Vegas, Houston, and Phoenix, plus owns retail, offices, and NYC's Seaport district.
Money comes mainly from selling land to homebuilders in its Master Planned Communities, plus rent from its Operating Assets. Margins swing wildly—2024 gross margin was 41.81%, but 2025 dropped to 18.72%, showing lumpy, project-driven revenue.
Its massive, decades-long land positions in fast-growing Sun Belt metros are hard to replicate—competitors like D.R. Horton and Lennar need finished lots, which Howard Hughes controls. However, the moat is eroding as homebuilders increasingly buy raw land dire
Key events, in time order
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Howard Hughes Holdings is a significant holding in Bill Ackman's Q2 portfolio, representing a substantial portion of his investments.
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