Scot Sellers to Be Named Chairman of the Board of Howard Hughes Holdings Inc. at Company’s Upcoming Annual Meeting - Seite 2

“When we spun-out Howard Hughes from General Growth Properties 14 years ago, it was a complicated collection of development assets, master planned communities, income-producing properties, and other assets,” said Bill Ackman. “The upcoming spinoff of Seaport Entertainment will complete the company’s transformation into a pure-play MPC company with a portfolio of award-winning assets delivering record-breaking results that can be more easily understood by investors. Pershing Square intends to remain a substantial and committed long-term shareholder of Howard Hughes fully dedicated to the company’s success. We are extremely fortunate to have Scot lend his extensive experience and leadership as the new chairman of Howard Hughes and for Ben to bring his considerable real estate expertise to the board as the company enters its next phase of growth.”

Ben Hakim is a Partner at Pershing Square and serves as President of Pershing Square SPARC Holdings, Ltd. Hakim joined Pershing Square as a member of its investment team in 2012. Prior to joining Pershing Square, he was a Senior Managing Director at The Blackstone Group, where he worked in the Mergers & Acquisitions group for 13 years. Hakim received a Bachelor of Science degree from Cornell University.

“We are fortunate that Scot has agreed to be our new Chairman of the Board, and we look forward to welcoming Ben as the board’s newest member,” said David R. O’Reilly, Chief Executive Officer of Howard Hughes. “As Howard Hughes continues to report record-breaking results across our portfolio, we are so thankful to Bill for his years of leadership and for the extraordinary vision he has maintained for this company as we firmly established Howard Hughes as the nation’s leading community builder.”

Howard Hughes reported record 2023 results in residential price-per-acre as demand from homebuilders drove outsized land sales and new-home sales across its communities soared, increasing 45% year-over-year. The company is expecting another record year in 2024 in terms of price-per-acre and acres sold. Demand for new construction continues at a fervent pace as Howard Hughes communities continue to attract new residents and employees, as well as companies that are relocating to take advantage of a high-quality lifestyle, well-educated talent pool, and opportunities for personal and professional growth in an amenity-rich, business-friendly environment.