{
  "docId": "019dd923-622c-750b-8b9b-8e8b0729eceb",
  "docSlug": "8a1ba1db7307",
  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-01-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 72,
  "pageCount": 81,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "before_after",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The chart illustrates the value creation of the GGP investment including Howard Hughes and Rouse spinoffs.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "area_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8e8b0729eceb/72",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8e8b0729eceb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8e8b0729eceb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8e8b0729eceb#slide-72",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "callout",
      "text": "On the date of Pershing Square’s exit, GGP, including a shareholder’s interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5d7bd42-2992-473b-a63f-ec435964ab3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.92,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Stacked area chart showing GGP, Howard Hughes, and Rouse performance",
      "attrs": null,
      "subkind": "area-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6627ed0c-d57b-419a-84a4-6a6488438a0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: 100x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf3b-d36eb1c03a4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Note: The performance of GGP's share price is provided for illustrative purposes only and is not an indication of PSH's future returns. GGP's share price is based on data from inception of the position through February 4, 2014, the date that Pershing Square exited the GGP position. Please see the additional disclaimers referring to this page at the end of this presentation. Pershing Square exited the Rouse position on February 2, 2012 and continues to hold a position in HHC. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8650ef50-f311-416a-af9f-853825b4206d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "GGP: Total Shareholder Returns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c6b6e58-daec-415b-90e5-007ced3b609e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "db2d7c59-1a9c-4610-b787-5ed97e61da46",
      "evidence": "On the date of Pershing Square’s exit, GGP, including a shareholder’s interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "903f7812-56f0-4af3-9433-281c8fc5404f",
      "evidence": "Compares the initial investment price ($0.35) to the exit price (~$35) to demonstrate value creation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 81,
      "from": 21,
      "beatId": "ca908ed6-09de-4041-87d4-d25c486e2e39",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "Detailed portfolio company updates and performance data",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}