Scouting report · HHH

David R. O'Reilly

Chief Executive Officer; Director, HHH since 2020-12src

Howard Hughes CEO since Dec 2020; joined as CFO in 2016 from Parkway Properties

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026

Delivers guidance—no promises on the record yet

Answers the question—no call reviewed yet

Capital allocation—company not reviewed yet

Pay design67operating income, strategic, individual, book value, time only · 97.6% for · 6.32% of net income

Skin in the game57stake worth $15.0m, 2× last year's pay

Age: 52src
In the role: 6 yr
Promises scored: 0
Hit rate: —
Dodges / 100 answers: —
Airtime on calls: —

Every promise, oldest firstno scored promises yet

What to weigh

Watch 4

Since May 2025 the Executive Chairman (Ackman) and CIO (Israel) come from Pershing Square, which advises on capital allocation under a 10-year Services Agreement. By speaker label O'Reilly took 18 and 22 turns on the Q3 and Q4 2024 calls but 3 on each 2026 call, against Ackman's 16 and 12, so his own part in capital allocation is hard to separatesrc
The 2025 bonus paid on real-estate metrics only (operating-asset NOI, MPC EBT, condo profit, cash G&A, plus strategic and individual goals). Nothing measured Vantage, book value or return on capital. MPC EBT came in at 101% of target and the bonus was paid at the 120% maximumsrc
On 2025-04-01, about five weeks before the Pershing Square deal, his employment agreement was amended. A new 'Transaction' trigger (any holder reaching 40%) pays double severance (2x salary plus target bonus) and full vesting if he leaves for good reason within 24 monthssrc
Most of his reported stake is unvested: 159,412 of the 227,439 shares are restricted stock not yet vested and 19,358 are options, per the proxy footnotesrc

In their favour 3

From 2026, 80% of his annual equity grant is performance-based on absolute cumulative TSR over three years (was 50% on NAV growth). Hedging and pledging are banned for executive officerssrc
CEO pay ratio 59:1 on $7.8m total 2025 paysrc
Say-on-pay passed with 97.6% of for-and-against votes at the 2025-09-30 meeting (on FY2024 pay)src

Career

2020 – now
The Howard Hughes Corporation / Howard Hughes Holdings Inc.src
Chief Executive Officer and director
Interim CEO from 2020-09-17 after Paul Layne retired; CEO from 2020-12-01. Became CEO of the holding company in the 2023 reorganisation (new CIK 1981792)
2020 – 2020
The Howard Hughes Corporationsrc
President (June to November 2020), alongside CFO
2016 – 2021
The Howard Hughes Corporationsrc
Chief Financial Officer
Started 2016-10-17 (8-K 2016-10-11); stayed CFO until April 2021, after becoming CEO
2011 – 2016
Parkway Properties, Inc. (NYSE: PKY, office REIT)src
EVP & Chief Investment Officer (Nov 2011 to Oct 2014); CFO from August 2012, interim CFO May to August 2012
2011 – 2011
Banyan Street Capitalsrc
Executive Vice President (August to October 2011)
2009 – 2011
Eola Capital LLCsrc
Director of Capital Markets (August 2009 to May 2011)
2008 – 2009
Barclays Capital Inc.src
Senior Vice President, investment banking (September 2008 to June 2009)
2001 – 2008
Lehman Brotherssrc
Investment banking, a role similar to SVP (August 2001 to September 2008)

Not located: Before August 2001 (between the Tufts degree and Lehman, including the Columbia MBA) not described in any source read; degree years not stated in the filings

Achievements

Promoted from CFO to CEO in 2020 after the prior CEO retired, and has run the company through the 2023 holding-company reorganisation, the 2024 Seaport spin-off and the 2025 Pershing Square dealsrc
The 2025 proxy credits him with record MPC EBT of about $476m (up 36%) and record operating-asset NOI of $276m in 2025, and with signing the roughly $2.1bn Vantage acquisitionsrc
Before Howard Hughes he was CFO and CIO of the office REIT Parkway Properties, after investment banking at Lehman Brothers and Barclayssrc
GAAP net income was $123.9m in FY2025, $197.7m in FY2024 and a $551.8m loss in FY2023src

Education

Tufts University, BS Civil Engineeringsrc
Columbia University, MBA Businesssrc

Background

Family The 8-K naming him interim CEO states he has no family relationships with any director or executive officer and no Item 404(a) transactionsrc
Boards Independent trustee of Kite Realty Group Trust (NYSE REIT) since 2013; sits on its Audit and Compensation Committeessrc
Other Employment agreement runs to 2028-12-31 and then renews yearly; 12-month non-compete and non-solicit after leavingsrc

Pay

Salary and otherBonus, stock, options, incentive

2023$5.0m
2024$5.7m
2025$7.8m

The table

Year	Salary	Bonus	Stock	Options	Incentive	Other	Total
2023	$750k	$0	$2.3m	$0	$1.7m	$171k	$5.0m	src
2024	$1.0m	$0	$2.5m	$0	$2.1m	$105k	$5.7m	src
2025	$1.0m	$0	$4.7m	$0	$2.1m	$49k	$7.8m	src

Bonus pays on: Target bonus $1.75m, payable 80-120% of target. 75% on operating-asset NOI (106% of target), MPC EBT (101%), condo profit (130%), cash G&A and three strategic goals; 25% individual. Paid $2.1m (120%). Target rises to $2.5m under the 2026 amendment
Long-term award pays on: 2025 grant 50% time-vested over three years, 50% cliff-vesting on three-year adjusted NAV/share growth (mapped to book_value; start NAV $113.00 at 2024-12-31). From 2026: target $5.5m, 80% on absolute cumulative TSR, 20% time-vestedsrc

Pay at risk not on file
Pays on returns operating income, strategic, individual, book value, time only
Shareholder vote 97.6% for
Pay vs profit 6.32% of net income

CEO pay ratio 59 : 1

What they own

$15.0m at the last price on file — 2× last year's pay
227,439 shares of HHH · 0.38% of the companysrc
as of 2026-08-17
Last 12 months: bought $0, sold $0src

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

Filing Howard Hughes Holdings DEF 14A, 2026 annual meeting of 2026-09-30 (0001104659-26-098808) · 2026-08-19
Filing Howard Hughes Holdings 8-K Items 5.02/5.07, 2025 annual meeting results (0000929638-25-003820) · 2025-10-07
Filing Howard Hughes Holdings 8-K Item 5.02, employment agreement amendments of 2025-04-01 (0001104659-25-032249) · 2025-04-04
Filing Howard Hughes Holdings 8-K Items 1.01/5.02, Pershing Square $900m share purchase and governance agreements (0001104659-25-044710) · 2025-05-06
Filing The Howard Hughes Corporation 8-K Item 5.02, O'Reilly appointed CEO (0001104659-20-131527) · 2020-12-02
Filing The Howard Hughes Corporation 8-K Item 5.02, O'Reilly interim CEO on Paul Layne's retirement (0001104659-20-106984) · 2020-09-21
Filing The Howard Hughes Corporation 8-K Item 5.02, O'Reilly hired as CFO, with dated prior career (0001104659-16-149463) · 2016-10-11
Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1981792 (FY2025 10-K, 0001628280-26-009710) · 2026-02-19
Filing Form 4, David R. O'Reilly (reporting CIK 1532404), tax withholding of 2026-02-05 (0001104659-26-012172) · 2026-02-09
Filing EDGAR submissions index for CIK 1981792, every Form 4 filed 2025-09-01 to 2026-09-24 (49 filings, XML read) · 2026-09-24
Call transcript HHH Q1 2026 earnings call (2026-05-08), ROIC.ai
Call transcript HHH Q2 2026 earnings call (2026-08-06), ROIC.ai; turn counts by speaker label taken across all eight files in _transcripts/HHH/