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THE WOODLANDS, Texas - Howard Hughes Holdings Inc. (NYSE: HHH), a U.S. real estate development company currently trading at $67.71 with a market capitalization of $3.37 billion, announced today the extension of its standstill agreement with investment firm Pershing Square Capital Management L.P. The agreement, which was set to expire, will now remain effective until May 30, 2025. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimate, with analysts setting price targets ranging from $82 to $105. The extension will continue the pause on certain activities between the two parties, though specific terms of the standstill were not disclosed.
The company stated there is no certainty that ongoing discussions with Pershing Square will lead to any specific result. Howard Hughes Holdings has chosen not to provide further commentary on the matter until it deems additional disclosure necessary or is legally required to do so.
Morgan Stanley & Co. LLC is serving as the financial advisor to the Special Committee of the Board of Directors of Howard Hughes, with Hogan Lovells US LLP and Richards, Layton & Finger, P.A. providing legal counsel.
Howard Hughes Holdings is known for its portfolio of master planned communities and other real estate projects across the United States. These include notable developments such as Downtown Columbia in Maryland, The Woodlands and Bridgeland in the Greater Houston area, Summerlin in Las Vegas, Ward Village in Honolulu, and Teravalis in the Greater Phoenix area. The company, which maintains a healthy current ratio of 1.62 and trades at an attractive P/E ratio of 13.8, focuses on creating and managing high-quality real estate developments. InvestingPro data reveals the company’s strong financial health with a "GOOD" overall rating, supported by robust profitability metrics and revenue of $1.75 billion in the last twelve months.
The company also included a Safe Harbor Statement in its press release, cautioning that forward-looking statements are not guarantees of future performance and actual results could differ materially. The statement highlighted that these forward-looking statements are based on current management expectations and are subject to risks and uncertainties. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with 7 additional ProTips and a detailed Pro Research Report, providing valuable metrics and expert analysis for informed investment decisions.
This announcement is based on a press release statement from Howard Hughes Holdings Inc. and does not include any additional comments or speculative information.
In other recent news, Smith Douglas Homes reported fourth-quarter earnings that fell short of analyst expectations, with earnings per share at $0.46 compared to the projected $0.65. The company’s revenue reached $287.5 million, marking a significant increase from no revenue in the same period last year, following its initial public offering in January 2024. Despite missing earnings estimates, Smith Douglas experienced robust growth in home closings, which increased 28% year-over-year to 836 units. Meanwhile, Howard Hughes Holdings disclosed amendments to the employment agreements of three top executives, effective April 1, 2025, including an extension of terms and an increase in annual target Long-Term Incentive Plan awards. Additionally, the company and its President, L. Jay Cross, mutually agreed not to renew his employment agreement, resulting in his departure at the end of the term. Pershing Square Capital Management extended its standstill agreement with Howard Hughes Holdings until April 30, 2025, to facilitate ongoing discussions about a proposal made earlier this year. Pershing Square has indicated that there is no certainty these talks will lead to a specific outcome and will not provide further commentary unless legally required.
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