−Removed: General On July 17, 2023, The Howard Hughes Corporation (HHC) announced that its Board of Directors authorized the creation of a holding company structure.
−Removed: On August 11, 2023, upon the consummation of the transaction, Howard Hughes Holdings Inc.
−Removed: (HHH or the Company), the new holding company, replaced HHC as the public company trading on the New York Stock Exchange.
+Added: General On August 11, 2023, Howard Hughes Holdings Inc.
+Added: (HHH or the Company), a new holding company, replaced The Howard Hughes Corporation (HHC) as the public company trading on the New York Stock Exchange.
Existing shares of common stock of HHC were automatically converted, on a one-for-one basis, into shares of common stock of HHH, with the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of HHC common stock immediately prior to the reorganization.
−Removed: HHH became the successor issuer to HHC pursuant to Rule 12g-3 (a) under the Exchange Act and replaced HHC as the public company trading on the New York Stock Exchange under the ticker symbol "HHH." The holding company reorganization is intended to be a tax-free transaction for U.S.
−Removed: federal income tax purposes for the Company’s stockholders.
−Removed: The Board and the executive officers of HHC now hold their same roles at HHH.
−Removed: The Company believes that the reorganization will promote the growth of its businesses by providing additional flexibility to fund future investment opportunities and to segregate assets and related liabilities in separate subsidiaries.
−Removed: References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc.
−Removed: and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated.
−Removed: References to HHC refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated.
−Removed: Seaport Entertainment On October 5, 2023, HHH announced the intent to form a new division, Seaport Entertainment, that is expected to include the Company’s entertainment-related assets in New York and Las Vegas, including the Seaport in Lower Manhattan, the Las Vegas Aviators Triple-A Minor League Baseball team, and the Las Vegas Ballpark, as well as the Company’s ownership stake in Jean-Georges Restaurants and other partnerships and its 80% interest in the air rights above the Fashion Show Mall in Las Vegas.
−Removed: HHH is establishing Seaport Entertainment with the intention of completing its spinoff as an independent, publicly traded company in 2024, but there can be no assurance regarding the ultimate timing of the spinoff or that the spinoff will ultimately occur.
−Removed: The planned separation of Seaport Entertainment will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of master planned communities and allow the new company, Seaport Entertainment, to operate independently as an entertainment-focused enterprise.
−Removed: Business Overview The Company’s award-winning assets include one of the nation's largest portfolios of master planned communities (MPCs) spanning approximately 101,000 gross acres, as well as operating properties, strategic developments, and other unique assets across six states from New York to Hawai‘i.
+Added: HHH became the successor issuer to HHC pursuant to Rule 12g-3 (a) under the Exchange Act and replaced HHC as the public company trading on the New York Stock Exchange under the ticker symbol "HHH."
+Added: Seaport Entertainment Spinoff On July 31, 2024, the spinoff of Seaport Entertainment Group Inc.
+Added: and its subsidiaries (Seaport Entertainment or SEG) was completed.
+Added: SEG included HHH’s entertainment-related assets in New York and Las Vegas, including the Seaport in Lower Manhattan, the Las Vegas Aviators Triple-A Minor League Baseball team and the Las Vegas Ballpark, as well as the Company’s ownership stake in Jean-Georges Restaurants and other partnerships, and an interest in and to 80% of the air rights above the Fashion Show Mall in Las Vegas.
+Added: Under the terms of the separation, each stockholder who held HHH common stock as of the close of business on July 29, 2024, the record date for the distribution, received one share of SEG common stock for every nine shares of HHH common stock held as of the close of business on such date.
+Added: SEG common stock began trading on the NYSE American stock exchange on August 1, 2024, under the symbol “SEG”.
+Added: As the spinoff of SEG represents a strategic shift in the Company’s operations, the results of SEG are presented as discontinued operations for all periods throughout this Annual Report.
+Added: See Note 2 - Discontinued Operations in the Notes to Consolidated Financial Statements under Item 8 of this Annual Report for additional information.
+Added: Business Overview The Company’s award-winning assets include one of the nation's largest portfolios of master planned communities (MPCs), spanning approximately 101,000 gross acres, as well as operating properties, strategic developments, and other assets across five states.
We create some of the most sought-after communities in the country by curating an environment tailored to meet the needs of our residents and tenants.
−Removed: Our unique business model allows us to drive outsized risk-adjusted returns while maintaining a sharp focus on sustainability to ensure our communities are equipped with the resources to last several decades.
−Removed: We operate through four business segments:
−Removed: Operating Assets, MPCs, Strategic Developments, and Seaport.
−Removed: We create a unique and continuous value-creation cycle through operational and financial synergies associated with our three primary business segments of Operating Assets, MPCs, and Strategic Developments.
+Added: Our unique business model allows us to seek attractive risk-adjusted returns while maintaining a sharp focus on sustainability to ensure our communities are equipped with the resources to last several decades.
+Added: We operate through three business segments:
+Added: Operating Assets, MPCs, and Strategic Developments.
+Added: We create a continuous value-creation cycle through operational and financial synergies associated with these three business segments.
In our MPC segment, we plan, develop, and manage small cities and large-scale, mixed-use communities, in markets with strong long-term growth fundamentals.
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The improved acreage is then sold to homebuilders who build and sell homes to new residents.
−Removed: New homeowners create demand for commercial developments, such as retail, office, and multi-family offerings.
−Removed: We build these commercial properties through Strategic Developments at the appropriate time using the cash flow harvested from the sale of land to homebuilders, which helps mitigate development risk.
−Removed: Once the commercial developments are completed, the assets transition to Operating Assets, which increase recurring Net Operating Income (NOI), further funding our Strategic Developments.
+Added: New homeowners create demand for commercial developments, such as retail, office, multifamily, and hospitality offerings.
+Added: We build these commercial properties through our Strategic Developments business at the appropriate times, which helps mitigate development risk, using the cash flow harvested from the sale of land to homebuilders.
+Added: Once the commercial developments are completed, the assets transition to our Operating Assets segment, which increases recurring Net Operating Income (NOI), further funding our Strategic Developments.
New office, retail, and other commercial amenities make our MPC residential land more appealing to buyers and increase the velocity of land sales at premiums that typically exceed the broader market.
This increased demand for residential land generates more cash flow from MPCs, thus continuing the value-creation cycle.
−Removed: Our fourth business segment, Seaport, is one of the few multi-block districts largely under private management by a single owner in New York City.
HHH 2024 FORM 10-K | 4
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and enhanced ability to identify and capitalize on emerging opportunities.
−Removed: Our MPCs, including our Floreo joint venture, span approximately 101,000 gross acres, with approximately 22,000 residential acres of land remaining to be developed and sold in high-demand geographic areas.
+Added: Our MPCs, including Floreo, our unconsolidated joint venture, span approximately 101,000 gross acres, with approximately 21,000 residential acres of land remaining to be developed and sold in high-demand geographic areas.
In addition to the residential land, our MPC segment contains approximately 14,000 acres designated for commercial development or sale to non-competing users such as hospitals.
This land is held in our MPC segment until we identify demand for a new commercial development, at which point the land is transitioned into our Strategic Developments segment.
−Removed: HHH was incorporated in Delaware on August 11, 2023, and its predecessor, HHC, was incorporated in Delaware on July 1, 2010.
−Removed: Financial information about each of our segments is presented in Note 18 - Segments in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K.
+Added: HHH was incorporated in Delaware on August 11, 2023, and its predecessor, The Howard Hughes Corporation (HHC), was incorporated in Delaware on July 1, 2010.
+Added: Financial information about each of our segments is presented in Note 18 - Segments in the Notes to Consolidated Financial Statements under Item 8 of this Annual Report.
Our Competitive Strengths
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– Track Record of Value Creation .
−Removed: We have completed the development of 7.5 million square feet of office and retail operating properties, 5,194 multi-family units, and 909 hospitality keys since 2011.
−Removed: Excluding land which we own, we have invested approximately $3.2 billion in these developments, which is projected to generate a 9.0% yield on cost, a significant spread over market cap rates which, in turn, has generated meaningful value for our shareholders.
+Added: We have completed the development of 7.8 million square feet of office and retail operating properties, 5,194 multifamily units, and 909 hospitality keys since 2011.
+Added: Excluding the value of land that we own, we have invested approximately $3.4 billion in these developments, which is projected to generate a 8.9% yield on cost, a significant spread over market cap rates which, in turn, has generated meaningful value for our stockholders.
These investments and returns exclude condominium development as well as projects under construction.
We exclude condominium developments since they do not result in recurring NOI, and we exclude projects under development due to the wider range of NOI they are expected to generate upon stabilization.
−Removed: In Ward Village, we have either opened or have under construction 4,287 condominium units, which have approximately 99.2% units sold as of December 31, 2023.
+Added: In Ward Village, we have either opened or started construction on 4,727 condominium units, with approximately 98.4% of these units sold or presold as of December 31, 2024.
– Unique, Diverse Portfolio .
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As of December 31, 2024, our total debt equaled approximately 55.7% of the book value of our total assets, which we believe is significantly less than our market value.
−Removed: Our net debt, which includes our share of debt of unconsolidated ventures less cash and Special Improvement District (SID) and Municipal Utility District (MUD) receivables, equaled approximately 46.1% of our total enterprise value.
+Added: Our net debt, which includes our share of debt of unconsolidated ventures less cash and Special Improvement District and Municipal Utility District receivables, equaled approximately 48.8% of our total enterprise value.
Unconsolidated ventures refer to partnerships or joint ventures primarily for the development and operation of real estate assets.
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The nature and extent of our competition depends on the type of property involved.
−Removed: With respect to our Operating Assets segment and our Landlord Operations within the Seaport segment, we primarily compete for retail, office, and multi-family tenants.
+Added: With respect to our Operating Assets segment, we primarily compete for retail, office, and multifamily tenants.
We believe the principal factors that retailers consider in making their leasing decisions include:
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and (7) demographics of the available workforce.
−Removed: For residential tenants of our multi-family properties in our Operating Assets segment, we believe the principal factors that impact their decision of where to live are:
+Added: For residential tenants of our multifamily properties in our Operating Assets segment, we believe the principal factors that impact their decision of where to live are:
(1) walkability/proximity to work;
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– our relationships with homebuilders
−Removed: – our level of debt relative to total assets
– the proximity of our developments to major metropolitan areas
−Removed: With respect to the Managed Businesses and Events & Sponsorships within our Seaport segment, the restaurant and event industry is intensely competitive with respect to the type and quality of food, price, service, restaurant, or event location, personnel, brand, attractiveness of facilities, availability of carryout and home delivery, internet and mobile ordering capabilities, and effectiveness of advertising and marketing.
−Removed: We compete in the New York area for guests, management, and hourly personnel.
With respect to our Strategic Developments segment, our direct competitors include other commercial property developers and other owners of commercial real estate that engage in similar businesses.
−Removed: With respect to our Strategic Developments segment, we also compete with residential condominium developers.
+Added: We also compete with residential condominium developers.
With significant existing entitlements, we hold an advantage over many of our competitors in our markets in that we already own or have significant influence over, substantial acreage for development.
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Our website address is www.howardhughes.com.
−Removed: The 2022 Annual Report on Form 10-K of our subsidiary, The Howard Hughes Corporation, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other publicly filed documents, including all exhibits filed therewith, are available and may be accessed free of charge through the Investors section of our website under the SEC Filings subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC at www.sec.gov.
+Added: Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other publicly filed documents, including all exhibits filed therewith, are available and may be accessed free of charge through the Investors section of our website under the Securities and Exchange Commission (SEC) Filings subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC at www.sec.gov.
Also available through the Investors section of our website are reports filed by our directors and executive officers on Forms 3, 4, and 5, and amendments to those reports.
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BUSINESS SEGMENTS
−Removed: The following further describes our four business segments and provides a general description of the assets comprising these segments.
+Added: The following further describes our three business segments and provides a general description of the assets comprising these segments.
Refer to Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations , which contains information about our financial results and operating performance for our business segments.
−Removed: HHH 2023 FORM 10-K | 6
−Removed: Index to Financial Statements
Operating Assets
We have developed many of the assets in our Operating Assets segment since the Company’s inception in 2010.
−Removed: As of December 31, 2023, we have 73 Operating Assets, including our investments in unconsolidated ventures, consisting of 11 retail properties, 34 office properties, 17 multi-family properties, and 11 other operating properties or investments.
−Removed: Excluding our projects under construction, we own approximately 8.8 million square feet of retail and office space and 5,587 multi-family units.
−Removed: We believe that the long-term value of our Operating Assets is driven by their concentration in our MPCs, where we have a competitive advantage.
+Added: As of December 31, 2024, we have 74 Operating Assets, including our investments in unconsolidated ventures, consisting of 12 retail properties, 36 office properties, 17 multifamily properties, and 9 other operating properties or investments.
+Added: Excluding our projects under construction, we own approximately 9.2 million square feet of retail and office space and 5,587 multifamily units.
+Added: HHH 2024 FORM 10-K | 6
+Added: Index to Financial Statements
+Added: We believe that the long-term value of our Operating Assets is driven by their concentration in our MPCs, where we believe we have a competitive advantage.
We believe that these assets have the potential for future growth by increasing rental rates, absorbing remaining vacancy, and changing the tenant mix in retail centers to improve gross sales revenue of our tenants, thereby increasing rents.
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We will also occasionally sell an operating asset when it does not complement our existing properties or no longer fits within our current strategy.
−Removed: In 2023, the Company completed the sale of two land parcels in Honolulu, Hawai‘i, including an 11,929-square-foot building at the Ward Village Retail property, as well as two self-storage facilities and a medical office building in The Woodlands, for total net proceeds after debt repayment of $43.3 million.
+Added: In 2024, the Company completed the sale of four non-core ground leases and a medical office building in The Woodlands, and a retail property in Bridgeland for total proceeds of $51.6 million.
For certain assets, we believe there are opportunities to improve operating performance through redevelopment or repositioning.
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Master Planned Communities
−Removed: As of December 31, 2023, our portfolio of MPCs comprises Summerlin in Las Vegas;
+Added: As of December 31, 2024, our portfolio of MPCs was comprised of Summerlin in Las Vegas;
The Woodlands, The Woodlands Hills and Bridgeland in the Houston region;
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Our MPCs have won numerous awards for design excellence and for community contribution.
−Removed: Summerlin and Bridgeland were again ranked by Robert Charles Lesser & Co., LLC (RCLCO), capturing fourth and fifth top-selling master planned communities in the nation, respectively, for the year ended December 31, 2023.
+Added: Summerlin and Bridgeland were again ranked by Robert Charles Lesser & Co., LLC (RCLCO), capturing fifth and seventh top-selling master planned communities in the nation, respectively, for the year ended December 31, 2024.
We expect the competitive position, desirable locations, and land development expertise to drive the long-term growth of our MPCs.
−Removed: As of December 31, 2023, our MPCs, including Floreo, our unconsolidated joint venture near Phoenix, Arizona, encompass approximately 101,000 gross acres of land and include approximately 35,000 acres of land available for sale or development.
+Added: As of December 31, 2024, our MPCs, including Floreo, our unconsolidated joint venture, encompassed approximately 101,000 gross acres of land and include approximately 35,000 acres of land available for sale or development.
Residential sales, which are generated primarily from the sale of finished lots and undeveloped superpads to residential homebuilders and developers, include standard and custom parcels designated for detached and attached single-family homes and range from entry-level to luxury homes.
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Revenue is also generated through builder price participation with homebuilders.
−Removed: HHH 2023 FORM 10-K | 7
−Removed: Index to Financial Statements
We also occasionally sell or lease land for commercial development when we deem its use will not compete with our existing properties or our development strategy.
Commercial sales include land parcels designated for retail, office, hospitality, high-density residential projects (condominiums and apartments), services, and other for-profit activities, as well as those parcels designated for use by government, schools, and other not-for-profit entities.
−Removed: On October 5, 2023, HHH announced the intent to form a new division, Seaport Entertainment, that is expected to include all of the assets in the Seaport segment, as well as the Las Vegas Aviators Triple-A Minor League Baseball team, the Las Vegas Ballpark, and our 80% interest in the air rights above the Fashion Show Mall in Las Vegas.
−Removed: HHH is establishing Seaport Entertainment with the intention of completing its spinoff as an independent, publicly traded company in 2024, but there can be no assurance regarding the ultimate timing of the spinoff or that the spinoff will ultimately occur.
−Removed: The Seaport spans approximately 472,000 square feet and several city blocks, including Pier 17, the Tin Building, the Historic District, and the 250 Water Street development.
−Removed: Our Seaport segment is part non-stabilized operating asset, part development project, and part operating business.
−Removed: Due to this range of asset types, we categorize the businesses in the Seaport segment into the following groups:
−Removed: Landlord Operations, Managed Businesses, the Tin Building, and Events and Sponsorships.
+Added: HHH 2024 FORM 10-K | 7
+Added: Index to Financial Statements
Strategic Developments
−Removed: Our Strategic Developments segment consists of 18 development or redevelopment projects, including developments within our MPCs that will transition to Operating Assets upon completion and condominium towers at Ward Village.
+Added: Our Strategic Developments segment consists of 15 development or redevelopment projects, including developments within our MPCs that will transition to Operating Assets upon completion and condominium towers at Ward Village in Hawai‘i and The Woodlands.
Many of these developments require extensive planning and expertise in large-scale and long-range development to maximize their highest and best uses.
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We are in various stages of predevelopment or execution of our strategic plans for many of these assets based on market conditions.
−Removed: As of December 31, 2023, seven properties are under construction and not yet placed into service.
+Added: As of December 31, 2024, eight properties were under construction and not yet placed into service.
We generally obtain construction financing to fund a significant amount of the costs associated with developing these assets.
−Removed: HHH 2023 FORM 10-K | 8
−Removed: Index to Financial Statements
+Added: Ward Village We continue to transform Ward Village into a vibrant neighborhood offering unique retail experiences, dining, and entertainment, along with exceptional residences and workforce housing set among open public spaces and pedestrian-friendly streets.
+Added: We believe we have found the optimal mix of price point and product in the Honolulu market for condominium development as evidenced by the demand for our condominium projects.
+Added: In January 2025, the State of Hawai’i approved amendments to the local development rules to include updated guidelines for smart growth in areas including Ward Village.
+Added: The Company estimates this amendment increases its potential residential entitlements in Ward Village between 2.5 to 3.5 million gross square feet, which could be used for the development of additional condominium towers in future years.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
−Removed: Our expansive portfolio and tremendous scale give HHH a unique opportunity to build next-generation communities and make a meaningful, positive impact on people’s lives at a local, regional, and national level.
−Removed: We are acutely aware of the responsibility that comes along with that opportunity.
−Removed: Building on our reputation for excellence and innovation, we remain focused on making our developments sustainable;
−Removed: giving back to our communities;
−Removed: protecting our landscapes;
−Removed: supporting inclusivity;
−Removed: and establishing communities that create value and well-being for generations to come.
−Removed: Acknowledging the power of our scale, as well as the opportunities for taking climate action, we are amplifying and accelerating our efforts to further advance resiliency, conservation, innovation, and inclusion throughout our large-scale, mixed-use communities.
−Removed: We have aligned our community strategies to support the United Nations (UN) Sustainable Development Goals, defined by the UN as the blueprint for achieving a better and more sustainable future for all.
−Removed: This framework helps us view our people-centric approach to development and management through the global lens of our planet’s most pressing issues.
+Added: Howard Hughes communities are rooted with a deep respect for the natural environment and provide an exceptional lifestyle that has made them among the most sought-after places to live and work in the country.
+Added: Today, our portfolio includes approximately 101,000 gross acres in five states.
+Added: The migration into The Woodlands, Bridgeland, and Summerlin reinforces that thoughtful planning is highly attractive as residents, CEOs, and commercial tenants are seeking and expecting a committed approach to sustainability and community health and wellness.
+Added: The strong demand for homes in amenity-rich, business-friendly environments that offer a high quality of life is driving relocation to our communities, and companies are following to take advantage of this talent pool.
+Added: Through purposeful planning and advanced design of homes, offices, retail, mixed-use commercial areas, as well as public gathering spaces, we promote energy efficiency and conservation of resources, provide access to nature and walkable downtowns, and offer short commutes that foster community engagement and connectivity.
+Added: We understand the value of having access to the natural environment, which is why we have dedicated at least 20% of our communities across the country to parks, lakes, trails, and nature preserves.
Our program is overseen by our Chief Executive Officer, President, and Board of Directors.
−Removed: Additional details on our sustainable, inclusive, and transparent approach are available in our latest ESG annual report now called the Communities Report, which can be found on the Company’s website (https://www.howardhughes.com/communities/).
+Added: Additional details on our sustainable, inclusive, and transparent approach are available in our most recent annual Communities Report, which can be found on the Company’s website (https://www.howardhughes.com/communities/).
This annual report, published in October 2024, looks at the collective efforts of our team in 2023.
−Removed: It reflects each business segment and region across our national portfolio of MPCs, Strategic Developments, Operating Assets, and the Seaport.
−Removed: Our disclosure is in reference to the Global Reporting Initiative’s 2021 Standards.
−Removed: Prior to this report, our most recent Communities report was published in November 2022 and covered calendar year 2021.
+Added: Our disclosure is in reference to the most recent Global Reporting Initiative’s 2021 Standards , includes indices aligned with the Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board Real Estate Standard.
+Added: Prior to this report, our most recent Communities Report was published in October 2023, and covered calendar year 2022.
Environmental Strategy and Performance
−Removed: The guiding principle that drives the development of our award-winning master planned communities is, ‘How you live, how we build’.
−Removed: HHH operates one of the nation's largest portfolios of large-scale, mixed-use master planned communities, including The Woodlands in Texas, which in 2022 became the world's largest master planned community to achieve Leadership in Energy and Environmental Design (LEED) Precertification for excellence in sustainable development.
−Removed: Ward Village was honored and recognized as the top LEED developer in Hawai'i with the most LEED-certified and registered green buildings in the state.
+Added: In the planning and development of our award-winning master planned communities, we take meaningful and measurable action to be more efficient and resilient, as we promote access to green spaces, reduce energy use and carbon emissions, conserve water resources, protect biodiversity, and support healthy living.
+Added: Our approach starts by embedding industry leading sustainable strategies from the beginning as part of our horizontal land use planning and vertical development process.
+Added: Best practices are then carried into the construction phase and through the ongoing maintenance and operations of our portfolio.
+Added: We leverage independent reporting frameworks, third-party certifications, and globally adopted guidance to ensure we are in alignment with industry-recognized standards.
+Added: Voluntary and industry leadership frameworks pursued in our portfolio currently exceed U.S.
+Added: regulations and supplement our ambition to be best in class.
+Added: HHH 2024 FORM 10-K | 8
+Added: Index to Financial Statements
+Added: We pursue sustainability certifications for all applicable assets, and target a minimum of Leadership in Energy and Environmental Design (LEED) Silver for all new strategic developments to promote third-party verification and reinforce our trusted commitment to sustainable growth.
+Added: Sustainability certifications require suppliers to align with common goals of energy and water efficiency, environmentally responsible material use, and occupational health.
+Added: Our suppliers and vendors are strongly encouraged to follow the same ethical standards with respect to environmental impact, social responsibility, and corporate governance principles that guide our business.
+Added: The Supplier Code of Conduct is available under Governance Documents on the Company’s website.
Each community manages and addresses its unique context through resilient planning, green building design, high operational performance, and ongoing risk management.
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Data-driven analysis, engineering insights, and occupant feedback drive unique strategies for each of our buildings.
−Removed: In 2017, we set 10-year environmentally focused goals for reductions in energy use, water use, waste, and carbon emissions.
−Removed: We report our progress against these goals annually in our Communities Report and leverage industry leadership programs to benchmark and certify environmental performance.
−Removed: Our report highlighted our management of climate-related risks and opportunities in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
−Removed: Annually, we work with DNV Business Assurance USA, Inc.
−Removed: to externally confirm our energy consumption, water consumption, greenhouse gas emissions, and waste data.
−Removed: Environmental Protection Agency’s ENERGY STAR, and BOMA 360 certifications validate our use of sustainable design, construction, and operations principles that result in reduced resource usage, decreased emissions and better well-being for building occupants.
−Removed: We have 94 active or pending building and community green certifications.
−Removed: In 2023, Marlow, a multi-family asset in Columbia, received the highest level for green building certification at LEED Platinum, the 1700 Pavilion office building in Summerlin achieved LEED Silver, and Creekside Park Medical Plaza in The Woodlands achieved LEED Gold.
−Removed: HHH leveraged our green building strategy to execute sustainability-linked financial instruments, and our sustainability platform was featured in three industry reports and six thought-leadership conferences.
−Removed: HHH 2023 FORM 10-K | 9
−Removed: Index to Financial Statements
+Added: With a goal of transparency, we proactively discuss milestones in quarterly investor videos, earnings calls, investor presentations, and on social channels.
+Added: Furthermore, we voluntarily report on the program through the annual Global Real Estate Sustainability Benchmark (GRESB) and S&P Global Corporate Sustainability Assessment, helping the company benchmark its performance against peers and determine improvement areas.
+Added: Using TCFD as a framework, Howard Hughes communicates the environmental impact of its business.
+Added: To provide useful information to investors, we monitor sustainability ratings from various institutions.
+Added: As we continue to manage and measure our portfolio’s environmental performance through independent verification, we seek ways to accelerate progress.
+Added: In 2024, Howard Hughes conducted a comprehensive carbon inventory in alignment with greenhouse gas protocol and received validation of targets by Science Based Targets initiative (SBTi).
+Added: SBTi, a nonprofit organization, helps businesses set reduction targets aligned with the latest climate science and the Paris Agreement to limit global warming to 1.5 degrees Celsius.
+Added: The targets are noted on page 99 of the 2023 Communities Report on the Company’s website.
+Added: The inventory covered energy use, refrigerants, corporate activities, and all business segments.
+Added: The analysis developed carbon targets and a decarbonization roadmap through 2030.
+Added: The targets will guide the company’s overall decarbonization efforts, manage regulatory risks, drive efficiency, and deliver resilience across the portfolio.
+Added: In 2024, Howard Hughes was recognized by GRESB for its proven commitment to sustainability and industry leadership across its national portfolio, once again earning the top ranking in the peer group of Americas Diversified Listed real estate companies.
+Added: Also in 2024, the entire community of Summerlin in Las Vegas achieved LEED precertification by the U.S.
+Added: Green Building Council (USGBC), becoming Nevada’s first master planned community to achieve this distinction.
+Added: Summerlin joins an elite global group of entities, including our communities of The Woodlands, Bridgeland, Merriweather District in Downtown Columbia, and Ward Village, that are recognized by USGBC for their dedication to making their communities healthy, resilient, inclusive, and inherently sustainable for residents.
+Added: With this addition, Howard Hughes now boasts one of the largest LEED precertified or certified community portfolios in the U.S., covering more than 62,000 acres.
Social Strategy and Impact
Human Capital As of December 31, 2024, our workforce was made up of approximately 545 employees who form the bedrock of our core operations.
−Removed: Another 187 individuals, including seasonal staff, deliver operational excellence at the Las Vegas Ballpark during ongoing events, merchandising operations, and other Aviators activities.
Beyond our commitment to community building, we create spaces for our employees to thrive, both within and beyond their professional lives.
−Removed: We actively cultivate a culture of learning throughout our organization.
−Removed: Opportunities for ongoing development include resources like tuition reimbursement, student debt management assistance, financial wellness courses, and dedicated budgets for training.
−Removed: We prioritize personal well-being through comprehensive programs tailored to employees and their families across all life stages.
−Removed: These programs encompass a robust health benefits package and wellness discount, a 401k match program, up to 12 weeks of fully paid parental leave, support for adoption and surrogacy services, commuter benefits, and even pet care insurance.
−Removed: In 2023, we elevated our efforts in enhancing our workplace culture, fostering inclusivity, and promoting opportunities for all.
−Removed: Throughout the past year, all employees across regions, levels, and departments had access to 20 unique opportunities to participate actively and learn about the Company’s culture, market positioning, and community involvement.
−Removed: We also saw an increase in job or location-specific growth and training programs developed by subject matter experts, which were offered to relevant groups of employees .
−Removed: These efforts support our goal to attract, develop, and retain world-class talent that ultimately drives performance and sustains excellence.
−Removed: In addition to equitable access to professional and personal development opportunities, we invest in active internal networks for connection and strategic partnerships for talent acquisition.
+Added: HHH is committed to fostering an environment where employees can excel both professionally and personally through continuing education, experiences, and exposure to developmental opportunities.
+Added: We cultivate a culture of continuous learning by offering resources such as tuition reimbursement, student debt management support, financial wellness workshops, and training budgets tailored to development needs.
+Added: Personal well-being is prioritized through comprehensive benefits that include a robust health package, a 401(k) match program, up to 12 weeks of fully paid parental leave, adoption and surrogacy support, commuter benefits, pet insurance, and wellness incentives designed for all life stages.
+Added: HHH 2024 FORM 10-K | 9
+Added: Index to Financial Statements
+Added: Our dedication to workplace culture, employee development, and community involvement resulted in more than 65 unique opportunities for employees across departments and regions to engage in the Company’s culture, market strategy, and corporate initiatives.
+Added: Location-specific training programs led by subject matter experts empowered employees to grow within their roles and further enhanced our ability to attract, develop, and retain exceptional talent.
+Added: To support a dynamic and diverse workforce, we continued investing in equitable access to professional development and leveraged both internal networks and strategic partnerships to build an inclusive candidate pipeline.
We continue to invest in attracting a qualified and well-rounded candidate pool.
−Removed: For early career employees, our 2023 internship population was over 60% female.
+Added: The Summer Associates program spearheaded our effort to attract early career talent.
+Added: This exceptional intern population was 46% ethnically diverse.
As of December 31, 2024, our full-time workforce was 56% female and 40% ethnically diverse.
−Removed: Employees at a Vice President level or above were 37% female and 19% ethnically diverse.
−Removed: Our dedication to building teams with unique strengths and perspectives remains unwavering.
−Removed: In addition to our focus on our employees, we are highly attuned to how we impact the lives of those within our communities, and we support over 220 local charities through monetary donations and volunteerism within our HHCares program.
−Removed: In 2023, the Company donated over $2.6 million nationwide, including over $250,000 of individual employee donations and company matches to registered 501c3 non-profit organizations.
−Removed: Our employees also donated nearly 2,800 hours of volunteer time throughout 2023.
−Removed: At HHH, we recognize that our people are the foundation of our communities, and we are committed to holistically supporting them.
+Added: Employees at the Vice President level and above were 38% female and 21% ethnically diverse.
+Added: These results underscore our ongoing commitment to cultivating teams with varied perspectives, which are critical to innovation and performance.
+Added: We also remain deeply committed to community impact through our HHCares program, supporting 178 local charities via monetary donations and employee volunteerism.
+Added: In 2024, the Company donated nearly $3.4 million nationwide, as well as an additional $230,000 in employee contributions and company matches to 501(c)(3) organizations.
+Added: Our employees collectively volunteered 3,700 hours, a greater than 30% increase from the prior year, showcasing their dedication to strengthening communities where we live and work.
+Added: At Howard Hughes, we recognize that our people are the heart of our organization and the communities we serve.
+Added: By investing in their development, well-being, and impact, we continue to build a foundation for success that drives meaningful change.
Governance and Risk Management
−Removed: In order to identify, monitor, and mitigate potential risks that could impact our organization and investors, HHH has made governance and risk management a top Board priority.
−Removed: As part of our corporate governance framework, we have a formal Enterprise Risk Management (ERM) Program that is overseen by the Board’s Risk Committee and led by our Risk Management team.
−Removed: The Risk Committee helps to evaluate the effectiveness of the ERM Program and the performance of the Risk Management team.
−Removed: It also reviews and monitors risks that have been identified and are considered critical by management, such as capital, market, liquidity, legal, regulatory, operational, reputational, and strategic risks.
−Removed: The Risk Committee reviews and approves periodic risk assessment results and reviews risk mitigation activities deemed material by management.
−Removed: The Risk Committee also reviews risk mitigation activities for emerging risks and oversees management’s approach to fostering a risk-intelligent culture.
−Removed: Additionally, the Risk Committee identifies key risk topics to refer to the Board for further analysis and decision-making.
−Removed: HHH’s program is shaped and supported by the Board and encompasses a range of corporate governance policies and guidelines that include but are not limited to:
−Removed: Anti-Corruption Compliance Policy, Board Diversity Policy, Cybersecurity Policy, Code of Business Conduct and Ethics for Officers and Employees, Code of Business Conduct and Ethics for the Board of Directors, Corporate Governance Guidelines, and Insider Trading Policy.
−Removed: These policies and our Human Rights Policy are published on the Company’s website (https://investor.howardhughes.com/governance/governance-documents).
+Added: Sound corporate governance is fundamental to protecting stakeholder interests, upholding the values and reputation of the organization, maintaining regulatory compliance, and more.
+Added: As such, we adhere to the highest possible standards of oversight, accountability, integrity, and ethics;
+Added: this includes our executives, our team members, and our Board of Directors.
+Added: Howard Hughes has a Risk Committee, consisting of independent members of the Board of Directors, which guides key topics as contemplated by the committee charter which, along with the charters of other Board committees, can be found under Governance Documents on the Company’s website (https://investor.howardhughes.com/governance/).
+Added: In addition, Howard Hughes has formal Enterprise Risk Management (ERM) Program that is overseen by the Risk Committee and led by an Executive Vice President of Risk Management.
+Added: The Risk Committee evaluates the effectiveness of the ERM Program and monitors risks that are considered critical by management.
+Added: The committee reviews both emerging risks and risk mitigation activities deemed material by management, and oversees management’s approach to fostering a risk-intelligent culture.
+Added: HHH’s overall governance program is shaped and supported by the Board and encompasses a range of corporate governance policies and guidelines that include but are not limited to:
+Added: Supplier Code of Conduct, Human Rights Policy, Anti-Corruption Compliance Policy, Code of Conduct, Code of Conduct and Ethics for Board of Directors, Corporate Governance Guidelines, Diversity Policy, and the Whistleblower Hotline.
+Added: These documents are published under Governance Documents on the Company’s website.
HHH 2024 FORM 10-K | 10
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