SEC Filing · Howard Hughes Holdings Inc.

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pershing Square Capital Management, L.P.

(Last)

(First)

(Middle)

787 ELEVENTH AVENUE

9TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Howard Hughes Corp [ HHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/06/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common stock, par value $0.01 per share	01/06/2021		P⁽⁴⁾⁽⁵⁾		574,846	A⁽⁴⁾⁽⁵⁾	$79.12⁽⁴⁾⁽⁵⁾	11,492,854	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
Common stock, par value $0.01 per share	01/06/2021		S⁽⁴⁾⁽⁵⁾		574,846	D⁽⁴⁾⁽⁵⁾	$79.12⁽⁴⁾⁽⁵⁾	10,918,008	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
Common stock, par value $0.01 per share	01/06/2021		P⁽⁴⁾⁽⁵⁾		1,029,000	A⁽⁴⁾⁽⁵⁾	$79.12⁽⁴⁾⁽⁵⁾	11,947,008	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
Common stock, par value $0.01 per share	01/06/2021		P⁽⁴⁾⁽⁵⁾		913,000	A⁽⁴⁾⁽⁵⁾	$79.12⁽⁴⁾⁽⁵⁾	12,860,008	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
Common stock, par value $0.01 per share	01/06/2021		C⁽⁴⁾⁽⁵⁾		610,000	D⁽⁴⁾⁽⁵⁾	$79.07⁽⁴⁾⁽⁵⁾	13,470,008	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
OTC Put Option (call equivalent position)	$82.71	01/06/2021		P⁽⁴⁾⁽⁵⁾			2,057,000⁽⁴⁾⁽⁵⁾	08/11/2021⁽⁴⁾⁽⁵⁾	08/11/2021⁽⁴⁾⁽⁵⁾	Common stock, par value $0.01 per share	2,057,000⁽⁴⁾⁽⁵⁾	$11.25⁽⁴⁾⁽⁵⁾	0⁽⁴⁾⁽⁵⁾	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
OTC Put Option (call equivalent position)	$91.63	01/06/2021		P⁽⁴⁾⁽⁵⁾			1,405,500⁽⁴⁾⁽⁵⁾	08/11/2021⁽⁴⁾⁽⁵⁾	08/11/2021⁽⁴⁾⁽⁵⁾	Common stock, par value $0.01 per share	1,405,500⁽⁴⁾⁽⁵⁾	$17.33⁽⁴⁾⁽⁵⁾	0⁽⁴⁾⁽⁵⁾	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
OTC Put Option (call equivalent position)	$75.08	01/06/2021		J⁽⁴⁾⁽⁵⁾			2,057,000⁽⁴⁾⁽⁵⁾	01/06/2021⁽⁴⁾⁽⁵⁾	01/06/2021⁽⁴⁾⁽⁵⁾	Common stock, par value $0.01 per share	2,057,000⁽⁴⁾⁽⁵⁾	$0.00⁽⁴⁾⁽⁵⁾	0⁽⁴⁾⁽⁵⁾	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
OTC Put Option (call equivalent position)	$79.07	01/06/2021		C⁽⁴⁾⁽⁵⁾			610,000⁽⁴⁾⁽⁵⁾	01/06/2021⁽⁴⁾⁽⁵⁾	01/06/2021⁽⁴⁾⁽⁵⁾	Common stock, par value $0.01 per share	610,000⁽⁴⁾⁽⁵⁾	$0.00⁽⁴⁾⁽⁵⁾	0⁽⁴⁾⁽⁵⁾	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾
OTC Put Option (call equivalent position)	$79.07	01/06/2021		J⁽⁴⁾⁽⁵⁾			795,500⁽⁴⁾⁽⁵⁾	01/06/2021⁽⁴⁾⁽⁵⁾	01/06/2021⁽⁴⁾⁽⁵⁾	Common stock, par value $0.01 per share	795,500⁽⁴⁾⁽⁵⁾	$0.00⁽⁴⁾⁽⁵⁾	0⁽⁴⁾⁽⁵⁾	I	See Footnotes⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾

1. Name and Address of Reporting Person^*

Pershing Square Capital Management, L.P.

(Last)

(First)

(Middle)

787 ELEVENTH AVENUE

9TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

PS Management GP, LLC

(Last)

(First)

(Middle)

787 ELEVENTH AVENUE

9TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

ACKMAN WILLIAM A

(Last)

(First)

(Middle)

787 ELEVENTH AVENUE

9TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Explanation of Responses:

1. In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

2. Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS and PS International, the "Pershing Square Funds").

3. Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of Mr. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, Mr. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

4. This Form 4 is being filed as a result of the purchase and rebalance of common stock (all at a closing stock price of $79.12, the "Reference Price"), and the expiration, unwind and physical settlement of certain put options contracts (previously reported on the Form 4 dated June 5, 2020). The Reporting Persons rebalanced between PS International and PSH 574,846 shares of Common Stock at the Reference Price. The Reporting Persons, on behalf of PSH, purchased 1,942,000 shares of Common Stock at the Reference Price. The Reporting Persons, on behalf of PSH, purchased 610,000 shares of Common Stock pursuant to PSH's obligation to do so under the applicable put option contract at the sole direction of the put option counterparty using the predetermined strike price set forth in such put option contract. The Reporting Persons, on behalf of PSH, unwound all put options contracts with a maturity date of August 11, 2021 at premiums based on the Reference Price.

5. (Continued from footnote 4) The 2,057,000 put options contracts and the 795,500 put options contracts, each with a maturity of January 6, 2021, are reported as the expiration of a call equivalent position without value provided (Code J) to or from any party. All transactions were conducted at the close of business on January 6, 2021.

6. Mr. Ackman, a member of the board of directors of the Issuer of the Subject Securities, was elected to that board as a representative of Pershing Square, PS Management, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those entities are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.

Remarks:

	Pershing Square Capital Management, L.P., By: PS Management GP, LLC, its General Partner, By: /s/ William A. Ackman, Managing Member	01/08/2021
	PS Management GP, LLC, By: /s/ William A. Ackman, Managing Member	01/08/2021
	/s/ William A. Ackman	01/08/2021
	** Signature of Reporting Person	Date
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