Pershing Square Ups Stake in Howard Hughes Holdings

TL;DR

Pershing Square now controls 100% of PS Management GP, LLC, which holds a big chunk of Howard Hughes.

AI Summary

Pershing Square Capital Management, L.P. filed an amendment to its Schedule 13D on May 24, 2024, regarding its holdings in Howard Hughes Holdings Inc. The filing indicates a change in beneficial ownership, with Pershing Square now holding 100% of the outstanding shares of common stock of PS Management GP, LLC, which in turn holds a significant stake in Howard Hughes Holdings Inc. This amendment reflects an ongoing strategic interest and potential influence over the company.

Why It Matters

This filing signifies a substantial increase in control or influence by Pershing Square over Howard Hughes Holdings, potentially impacting future strategic decisions and shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates a significant shift in control, which could lead to strategic changes and associated market volatility.

Key Numbers

• 100% — Ownership of PS Management GP, LLC (Pershing Square now owns all of the outstanding shares of PS Management GP, LLC.)

Key Players & Entities

• Pershing Square Capital Management, L.P. (company) — Filing entity
• Howard Hughes Holdings Inc. (company) — Subject company
• PS Management GP, LLC (company) — Subsidiary holding stake in subject company
• William A. Ackman (person) — Associated with Pershing Square

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $175 million — Form S-1 in connection with a proposed $175 million rights offering to Seaport Entertainmen

Filing Documents

• d825469dsc13da.htm (SC 13D/A) — 66KB
• 0001193125-24-147209.txt ( ) — 68KB

of the Schedule 13D is hereby amended and supplemented by adding the following information

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On October 5, 2023, the Issuer announced its intention to separate into two independent publicly traded companies. Seaport Entertainment Group Inc. (Seaport Entertainment), which is expected to be separated from the Issuer, will be comprised of the Issuers entertainment-related assets in New York City and Las Vegas, including the Seaport in Lower Manhattan, a 25% minority interest in Jean-Georges Restaurants as well as other partnerships, the Las Vegas Aviators Triple-A Minor League Baseball team and Las Vegas Ballpark, an interest in and to 80% of the air rights above the Fashion Show mall in Las Vegas and certain other assets and liabilities that the Issuer is expected to contribute to Seaport Entertainment prior to the separation. On May 23, 2024, Seaport Entertainment filed with the Securities and Exchange Commission (the SEC ) a registration Also on May 23, 2024, Seaport Entertainment filed with the SEC a registration statement on Form S-1 in connection with a proposed $175 million rights offering to Seaport Entertainment stockholders, which is expected to be commenced following the separation and distribution. In the Rights Offering, Seaport Entertainment would distribute, at no charge, to holders of its common stock, transferable subscription rights, which will entitle holders to purchase shares of Seaport Entertainment common stock. In connection with the Rights Offering, the Reporting Persons are in serious discussions with Seaport Entertainment regarding a potential backstop agreement that investment funds affiliated with the Reporting Persons would enter into prior to the distribution. Pursuant to that agreement, if finalized

View Full Filing

View this SC 13D/A filing on SEC EDGAR