Howard Hughes Communities (NYSE: HHH) operates as the real estate platform of Howard Hughes Holdings and develops, owns, and manages master-planned communities and mixed-use real estate across the United States. The company was formed in 2010 as a spin-off from General Growth Properties following its bankruptcy reorganization. The company focuses on three business segments: Master Planned Communities, Operating Assets, and Strategic Developments. The MPC segment encompasses six large-scale communities with approximately 35,000 acres of land remaining for development or sale across Texas, Nevada, Arizona, Hawaii, and Maryland. The Operating Assets segment includes revenue-generating properties, comprising retail, office, and multifamily assets totaling over 10 million square feet and nearly 6,000 units. The Strategic Developments segment focuses on condominium projects, primarily at Ward Village in Honolulu, and mixed-use commercial developments. In 2024, the company sold 445 residential acres at an average price of $990,000 per acre and delivered record earnings before tax of $349 million in the MPC segment. The company completed the spin-off of its Seaport Entertainment division in August 2024, allowing it to focus exclusively on community development. Pershing Square Capital Management holds a 47% ownership stake following a $900 million investment completed in May 2025. The company maintains headquarters in The Woodlands, Texas, one of its flagship master-planned communities. Primary markets include the Greater Houston area where The Woodlands, The Woodlands Hills, and Bridgeland are located; Las Vegas where Summerlin represents one of the nation's largest master plans now in its 35th year of development; Phoenix where the newly acquired Teravalis spans 37,000 acres in the West Valley; Honolulu where Ward Village features luxury condominium towers; and Columbia, Maryland where Downtown Columbia includes the Lakefront District revitalization. The company earned the top ranking from GRESB in 2024 in the Americas Diversified Listed peer group for sustainability practices.