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Filing Details

Accession Number:: 0000899243-21-001184
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2021-01-08 17:43:15
Reporting Period:: 2021-01-06

Accepted Time:: 2021-01-08 17:43:15
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1498828	Howard Hughes Corp	HHC	()	1231

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1056513	A William Ackman	787 Eleventh Avenue 9Th Floor New York NY 10019	Yes	No	Yes	No
1336477	Ps Management Gp, Llc	787 Eleventh Avenue 9Th Floor New York NY 10019	Yes	No	Yes	No
1336528	Pershing Square Capital Management, L.p.	787 Eleventh Avenue 9Th Floor New York NY 10019	Yes	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.01 Per Share	Acquisiton	2021-01-06	574,846	$79.12	11,492,854	No	4	P	Indirect	See footnotes
Common Stock, Par Value $0.01 Per Share	Disposition	2021-01-06	574,846	$79.12	10,918,008	No	4	S	Indirect	See footnotes
Common Stock, Par Value $0.01 Per Share	Acquisiton	2021-01-06	1,029,000	$79.12	11,947,008	No	4	P	Indirect	See footnotes
Common Stock, Par Value $0.01 Per Share	Acquisiton	2021-01-06	913,000	$79.12	12,860,008	No	4	P	Indirect	See footnotes
Common Stock, Par Value $0.01 Per Share	Disposition	2021-01-06	610,000	$79.07	13,470,008	No	4	C	Indirect	See footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See footnotes
No	4	S	Indirect	See footnotes
No	4	P	Indirect	See footnotes
No	4	P	Indirect	See footnotes
No	4	C	Indirect	See footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock, Par Value $0.01 Per Share	OTC Put Option (call equivalent position)	Disposition	2021-01-06	2,057,000	$11.25	2,057,000	$82.71
Common Stock, Par Value $0.01 Per Share	OTC Put Option (call equivalent position)	Disposition	2021-01-06	1,405,500	$17.33	1,405,500	$91.63
Common Stock, Par Value $0.01 Per Share	OTC Put Option (call equivalent position)	Disposition	2021-01-06	2,057,000	$0.00	2,057,000	$75.08
Common Stock, Par Value $0.01 Per Share	OTC Put Option (call equivalent position)	Disposition	2021-01-06	610,000	$0.00	610,000	$79.07
Common Stock, Par Value $0.01 Per Share	OTC Put Option (call equivalent position)	Disposition	2021-01-06	795,500	$0.00	795,500	$79.07

Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
2021-08-11	2021-08-11	No	4	P	Indirect
2021-08-11	2021-08-11	No	4	P	Indirect
2021-01-06	2021-01-06	No	4	J	Indirect
2021-01-06	2021-01-06	No	4	C	Indirect
2021-01-06	2021-01-06	No	4	J	Indirect

Footnotes

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").
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").
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.
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.
(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.
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.