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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-04-24 00:00:00",
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      "text": "We believe that HHC trades at a discount to the value of its assets",
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      "text": "HHC was formed so that certain GGP assets could receive appropriate management attention and recognition in the public markets. HHC's mission is to be the preeminent developer and operator of master planned communities (MPCs) and mixed-use properties. Majority of value is now focused around a collection of high-quality and diverse trophy assets. Historically a consumer of cash, HHC will transition to a cash generator as development assets reach stabilization and its Hawaii condo towers are completed. Since 2011, HHC has completed the development of over 3.9 million SF of office and retail properties, 1,208 multifamily units and 913 hotel rooms and is under construction on nearly 1,400 condo units.",
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