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Howard Hughes Holdings Executive Compensation (FY25)

HHH · The Woodlands, TX · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (DEF 14A): August 19, 2026
199 figures on this page: 194 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
Total compensation for David O'Reilly, Chief Executive Officer, came to $7,826,778 in fiscal 2025, and compared with the $5,724,877 reported for fiscal 2024, O'Reilly's total was 36.7% higher. Separately, shareholders supported the say-on-pay proposal with 97.1% of votes cast including abstentions in favor at the meeting held September 30, 2025 for fiscal 2024, and the disclosed peer group includes Brixmor Property Group Inc., Camden Property Trust, Cousins Properties Incorporated, Douglas Emmett, Inc. and Federal Realty Investment Trust, among others. The company reported 6 named executive officers for fiscal 2025.
Chief executive, fiscal 2025
◇
David O'Reilly
Median of the other named officers
$1,934,903
5 officers, excluding the chief executive
Latest say-on-pay support
=
September 30, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David O'Reilly: $5,724,877 → $7,826,778 (36.7% higher)
Say-on-pay support: 99.2% → 97.1% (2.1 points lower)
CEO pay ratio: 42:1 → 59:1 (40.5% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Howard Hughes Holdings' chief executive and what were they paid?
Total compensation for David O'Reilly, Chief Executive Officer, came to $7,826,778 in fiscal 2025. Compared with the $5,724,877 reported for fiscal 2024, O'Reilly's total was 36.7% higher.
What was Howard Hughes Holdings' say-on-pay result?
Shareholders supported the say-on-pay proposal with 97.1% of votes cast including abstentions in favor at the meeting held September 30, 2025 for fiscal 2024.
Which companies are in Howard Hughes Holdings' peer group?
The disclosed peer group includes Brixmor Property Group Inc., Camden Property Trust, Cousins Properties Incorporated, Douglas Emmett, Inc. and Federal Realty Investment Trust, among others.
What is Howard Hughes Holdings' chief executive pay ratio?
The company reported a chief executive pay ratio of 59:1 for fiscal 2025, against median employee compensation of $132,130.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
L. Jay Cross
Former President +
Departed during or after this year
◇———◇—◇◇
David O'Reilly
Chief Executive Officer
◇———◇—◇◇
Carlos Olea
Chief Financial Officer
◇—◇—◇—◇◇
Doug Johnstone
President, Hawaii Region
———————— not reported
Joseph Valane
General Counsel & Secretary
———————— not reported
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
L. Jay Cross
Former President
◇—◇—◇—◇◇
David O'Reilly
Chief Executive Officer
◇—◇—◇—◇◇
Carlos Olea
Chief Financial Officer
◇—◇—◇—◇◇
Doug Johnstone
President, Hawaii Region
———————— not reported
Joseph Valane
General Counsel & Secretary
———————— not reported
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David O'Reilly
Chief Executive Officer
◇—◇—◇—◇◇
L. Jay Cross
Former President
◇—◇—◇—◇◇
Carlos Olea
Chief Financial Officer
◇—◇—◇—◇◇
Anton Nikodemus
CEO, Seaport Entertainment
Departed during or after this year
◇———◇◇◇◇
Joseph Valane
Chief Legal Officer & Secretary
◇◇◇—◇—◇◇
Doug Johnstone
President, HHC Hawaii Region & National Condo Development
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David O'Reilly
Chief Executive Officer
◇—◇—◇—◇◇
L. Jay Cross
Former President
Departed during or after this year
◇—◇———◇◇
Carlos Olea
Chief Financial Officer
◇—◇—◇—◇◇
Andrew Davis
HHC Chief Operating Officer
◇◇◇———◇◇
Joseph Valane
Chief Legal Officer & Secretary
◇—◇—◇—◇◇
Doug Johnstone
President, HHC Hawaii Region & National Condo Development
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Carlos A. OleaPSU◇—◇◇◇—◇
Carlos A. OleaPSU———————
Carlos A. OleaRSU◇——◇——◇
David O'ReillyRSU◇——◇——◇
David O'ReillyPSU◇—◇◇◇—◇
David O'ReillyPSU———————
Doug JohnstonePSU◇—◇◇◇—◇
Doug JohnstonePSU———————
Doug JohnstoneRSU◇——◇——◇
Drew DavisPSU◇—◇◇◇—◇
Drew DavisPSU———————
Drew DavisRSU◇——◇——◇
Joseph ValanePSU◇—◇◇◇—◇
Joseph ValaneRSU◇——◇——◇
Joseph ValanePSU———————
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
David O'ReillyRSU◇=——
PSU◇◇——
Joseph ValanePSU◇◇——
RSU◇=——
Carlos OleaRSU◇=——
PSU◇◇——
Doug JohnstonePSU◇◇——
L. Jay CrossPSU◇◇——
Drew DavisPSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
R. Scot Sellers
◇◇————◇
Anthony Williams
◇◇————◇
David Eun
◇◇————◇
Mary Ann Tighe
◇◇————◇
Steven Shepsman
◇—————◇
Susan Panuccio
◇◇————◇
Thom Lachman
◇◇————◇
Beth Kaplan
◇—————◇
Jean-Baptiste Wautier
◇◇————◇
Dana Hamilton
◇—————◇
Adam Flatto
◇—————◇
Allen Model
◇—————◇
David O'Reilly, Ryan Israel, William Ackman and Ben Hakim served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Restricted Stock.
Stock ownership guideline: 5x annual retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Brixmor Property Group Inc. BRX
  • Camden Property Trust CPT
  • Cousins Properties Incorporated CUZ
  • Douglas Emmett, Inc. DEI
  • Federal Realty Investment Trust FRT
  • JBG SMITH Properties JBGS
  • Kilroy Realty Corporation KRC
  • Meritage Homes Corporation MTH
  • Mid-America Apartment Communities, Inc. MAA
  • Regency Centers Corporation REG
  • Taylor Morrison Home Corporation TMHC
  • Toll Brothers, Inc. TOL
  • Tri Pointe Homes, Inc. TPH
  • UDR, Inc. UDR

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024September 30, 2025=◇◇◇
2023May 23, 2024=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Howard Hughes Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Howard Hughes Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
199 figures on this page: 194 cited to the filing that reported them, 5 calculated from figures it prints.
194 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001104659-26-098808
    2025 Director Compensation · 2025 Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Pay Ratio Disclosure · and 1 more section
  2. 0000929638-25-003820
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  3. 0001104659-25-079294
    SUMMARY COMPENSATION TABLE
  4. 0001104659-24-065133
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  5. 0001104659-24-043383
    SUMMARY COMPENSATION TABLE · Summary Compensation Table
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Velarion, “Howard Hughes Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/HHH (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Howard Hughes Holdings discloses

The companies named in HHH's own disclosed peer group.

Brixmor Property Group Inc.Camden Property TrustCousins Properties IncorporatedDouglas Emmett, Inc.Federal Realty Investment TrustJBG SMITH PropertiesKilroy Realty CorporationMeritage Homes CorporationMid-America Apartment Communities, Inc.Regency Centers CorporationTaylor Morrison Home CorporationToll Brothers, Inc.UDR, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy