The top two executives of Summerlin developer Howard Hughes Corp. received big boosts in compensation last year amid a drop in profits.
Howard Hughes CEO David Weinreb received nearly $7.2 million in total compensation in 2017, up 50 percent from almost $4.8 million in 2016, according to a filing Tuesday with the Securities and Exchange Commission.
Weinreb, 53, received a base salary of $1 million with no bonus both last year and in 2016. But he received more than $1.1 million in stock awards in 2017, compared to none the year before, and $5 million in “non-equity incentive plan compensation,” up from $3.75 million.
Howard Hughes President Grant Herlitz received $9.9 million in total compensation last year, more than double the $4.7 million he received in 2016.
Herlitz, 46, received a base salary of $750,000 with no bonus both last year and in 2016. But he received more than $6.5 million in stock awards last year, up from almost $1.6 million in 2016.
Dallas-based Howard Hughes has projects and properties in Hawaii, Texas and New York, among other places. Its Summerlin community, at 22,500 acres, is the largest master-planned community in Las Vegas.
Howard Hughes booked $1.1 billion in revenue last year, up 6 percent from 2016. But overall net income fell 17.6 percent to $166.6 million, despite the company’s $101.7 million benefit from President Donald Trump’s sweeping tax cut.
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