“Can a master-planned community developer successfully reinvent itself as a diversified Berkshire-style holding company under Bill Ackman?”
Spun off from General Growth Properties in 2010 to hold its master-planned community assets (Summerlin, The Woodlands, Ward Village). In 2023 reorganized into a holding company structure (HHH) with Bill Ackman's Pershing Square as majority holder, pivoting away from a pure-play REIT narrative toward a Berkshire-style diversified holding company that acquires operating subsidiaries alongside its core real estate.