Howard Hughes Corp.’s top executive earned $7.2M in 2017
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David Weinreb, CEO of the Howard Hughes Corp., discusses the Downtown Summerlin project, Wednesday, May 25, 2016, in Las Vegas. "People enjoy working, playing and eating in an urban environment," said Weinreb. (Benjamin Hager/Las Vegas Review-Journal)
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A vacant lot, right, photographed on Thursday, Sept. 14, 2017, where Summerlin developer Howard Hughes Corp. plans to build a 267-unit apartment complex on Sahara Avenue next to Downtown Summerlin's main entrance. Bizuayehu Tesfaye Las Vegas Review-Journal @bizutesfaye
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David Weinreb, CEO of the Howard Hughes Corp., discusses the Downtown Summerlin project, Wednesday, May 25, 2016, in Las Vegas. "People enjoy working, playing and eating in an urban environment," said Weinreb. Benjamin Hager/Las Vegas Review-Journal
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.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.