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No explicit SOTP valuation table, but the p45 back-of-envelope 37M-SF / yield-on-cost math plays a similar implied-asset-value role.", "kpisCited": [ { "detail": "~37M SF at Summerlin, Columbia, Woodlands and Bridgeland — roughly 10x development executed since 2011", "metric": "Remaining vertical development entitlements" }, { "detail": "3.9M SF built at $1.6B development cost, projected $144M stabilized NOI (>9% yield on cost)", "metric": "Completed commercial operating properties since 2011" }, { "detail": "5%-7% cap rates on comparable commercial assets", "metric": "Implied cap rate environment" }, { "detail": "~$50M projected NOI from 1.4M SF office, 126K SF retail, hotel and apartments delivered in 2.5 years", "metric": "Hughes Landing (Woodlands) NOI" }, { "detail": "1,100+ units contracted across four towers; ~$1.5B total project cost; 86% of first tower closed", "metric": "Ward Village condo sales" }, { "detail": "80,880 gross acres across Columbia, Woodlands, Summerlin and Bridgeland serving 342,300 residents", "metric": "Total MPC acreage" }, { "detail": "2/3 of outstanding debt is non-recourse; recently refinanced 6.875% bonds into $800M 5.375% issue", "metric": "Balance sheet structure" }, { "detail": "$4B existing tax basis; NOLs likely consumed by 2018", "metric": "Tax basis in assets" }, { "detail": "$122 on 5/4/2017 vs. $37 at the 11/5/2010 GGP spin-off", "metric": "Share price since IPO" } ], "closingAsk": "Invest in HHC as the public-market proxy for Donald Bren's long-duration MPC compounding playbook, and attend the May 17 Investor Day at the Seaport to learn more.", "extraction": { "at": "2026-04-23 00:32:07+00", "model": "unknown-legacy", "runId": null, "seconds": 195.88628, "promptVersion": null }, "scqaReward": "HHC has 37M SF of remaining vertical entitlements — roughly 10x what has been built since 2011 at a greater-than-9% yield on cost — implying decades of compounding value creation.", "thesisTypes": [ "undervaluation", "multiple_rerating" ], "top3Reasons": [ "HHC owns the best public-market analogue to Donald Bren's $15B Irvine Ranch MPC empire", "37M SF of remaining entitlements equals roughly 10x the development HHC has already executed since 2011", "Self-funding virtuous cycle of MPC land sales, operating NOI, and strategic developments requires no new equity" ], "scqaSituation": "Howard Hughes Corporation is a public developer spun out of GGP in 2010, owning large master-planned communities in Summerlin, The Woodlands, Columbia and Bridgeland, plus urban MPCs at the Seaport and Ward Village.", "thesisSummary": "Pershing Square presents Howard Hughes Corporation (HHC) as the public-market analogue to Donald Bren's Irvine Ranch — the wealthiest real-estate developer in America, whose $15B fortune was built by controlling supply in a single master-planned community over 40 years. HHC owns a comparable geographically diversified portfolio of irreplaceable MPCs: Summerlin in Las Vegas, The Woodlands and Bridgeland in Houston, Columbia in Maryland, plus high-density urban assets at the South Street Seaport in New York and Ward Village in Honolulu. Since its 2010 spin-off from GGP, HHC has already built 3.9M SF of commercial property at a greater than 9% yield on cost, but 37M SF of remaining entitlements — roughly ten times what has been executed — represents an enormous long-duration value-creation runway. 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(\"Pershing Square\") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be nonpublic information in the possession of the companies discussed in this presentation that could lead these companies and others to disagree with Pershing Square's analyses, conclusions and opinions. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. All investments involve risk, including the loss of principal.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:01:12.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01e00317-f4ab-482b-b5d7-4017549a30d0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.914, "x": 0.043, "y": 0.652 }, "kind": "disclaimer", "text": "Funds managed by Pershing Square and its affiliates are invested in securities of HHC. Pershing Square's principal Bill Ackman serves as chairman of HHC's board of directors, and Allen Model, who serves on the Advisory Board of Pershing Square, also serves as a member of HHC's board of directors.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:01:12.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d3fcd0b-93bb-4289-b235-1901733cbda2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.914, "x": 0.043, "y": 0.388 }, "kind": "disclaimer", "text": "The analyses provided may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Actual results may vary materially from the estimates and projected results contained herein. The information contained in this presentation may not contain all of the information required in order to evaluate Howard Hughes Corporation (NYSE: HHC). The opinions, analyses, conclusions and proposals presented herein represent the views of Pershing Square and not those of any third party.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:01:12.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53aec9cb-b212-4996-88ac-8a0c0b3eb85a", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.914, "x": 0.043, "y": 0.738 }, "kind": "disclaimer", "text": "Pershing Square manages funds that are in the business of buying and selling securities and financial instruments. Pershing Square owns warrants in HHC that must be net settled before November 2017. It is possible that there will be developments in the future that cause Pershing Square to change its position regarding HHC. Pershing Square may buy, sell, cover or otherwise change the form of its investment in HHC for any or no reason. 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