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  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "The slide uses a two-part structure: positive business developments followed by a preemptive rebuttal regarding market concerns.",
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      "text": "Recent share price declines reflect concerns about the impact of low oil prices on HHC's Houston assets",
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      "text": "Recent share price declines reflect concerns about the impact of low oil prices on HHC’s Houston assets",
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      "text": "Closed on the sale of 80 South Street Seaport for $390m, which highlights the strategic value and significance of the Seaport project.",
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      "text": "HHC expects to sell out remaining MPC land in Houston over many years, so a temporary decline in oil prices will not have a large negative impact on value even if it depresses near-term revenue.",
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      "text": "Significant growth in NOI provides HHC with an increasing stream of recurring, high-multiple cash flows. Run-rate NOI of income producing assets is expected to increase from ~$43m in 2010 to $219m upon stabilization in 2019.",
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      "text": "Declining residential acreage sales at the Houston MPCs, but strong land sales at Summerlin (Las Vegas) MPC.",
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      "text": "Contracted to sell over 650 homes in Ward Village (Hawaii) totaling more than $1.1b of revenue of the $1.7b currently under construction.",
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      "text": "Substantial majority of HHC's business and asset value is outside of Houston (including nearly 45% of its remaining MPCs). HHC's MPCs in Houston are the premier communities in the market and are well positioned and capitalized to benefit as the market recovers.",
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      "text": "Howard Hughes Corporation (continued)",
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