{
  "docId": "019dd923-622c-750b-8b9b-cf2aa45d96dd",
  "docSlug": "76c9a698803d",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-24 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 41,
  "pageCount": 86,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "other",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a two-part structure: operational progress updates followed by a preemptive rebuttal regarding market concerns.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "logo_grid"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-cf2aa45d96dd/41",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-cf2aa45d96dd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-cf2aa45d96dd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-cf2aa45d96dd#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.18,
        "y": 0.17
      },
      "kind": "callout",
      "text": "HHC continued to enhance the value of its key assets and business",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29a933c8-1aa9-4426-9f18-f3ee8da923f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.18,
        "y": 0.69
      },
      "kind": "callout",
      "text": "Share price reflects ongoing concerns about the impact of low oil prices on HHC's Houston assets",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb3c9e31-2270-4865-8fcd-8632fbd31aa0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.18,
        "y": 0.77
      },
      "kind": "list",
      "text": "Substantial majority of HHC's business and asset value is outside of Houston (including greater than 45% of its remaining MPC inventory); Increased projected annual stabilized NOI for HHC's commercial operating assets to $232M from $215 M (excluding Seaport).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23c8a422-8412-4f11-8ba8-6c33c388dd5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.18,
        "y": 0.52
      },
      "kind": "list",
      "text": "Continued to invest in its five MPCs, which reflect nearly $5 billion of undiscounted / uninflated value; Have entitlements to build more than 9M SF of mixed-use development.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54ee1136-7f5b-4060-9f73-986d3fc285a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.18,
        "y": 0.38
      },
      "kind": "list",
      "text": "Contracted to sell over 1,100 condo units in four condo towers in Ward Village (Hawaii) totaling nearly $1.5B in projected development cost; Completed construction on Waiea.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da80411f-066a-49f0-af68-721b9c5a3151",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.18,
        "y": 0.23
      },
      "kind": "list",
      "text": "Significant progress at the Seaport District (New York City); Highly valuable 400,000 SF development; Received approval for Pier 17 Minor Modification.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef43f7ed-39c9-4bae-b78f-75185617d6c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "projected annual stabilized NOI: $232M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a666-9f403cadf7c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Howard Hughes Corporation (Continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5bd6a383-df87-4e5b-b9d6-15639c261556",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Data Story Arc",
      "slug": "data-story-arc",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "3d2d78ac-0b05-4489-9377-346a1e9d99fb",
      "evidence": "Significant progress at the Seaport District (New York City); Highly valuable 400,000 SF development; Received approval for Pier 17 Minor Modification.",
      "confidence": 0.6
    },
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "700bfb34-ec51-4d72-ab9a-87a39ce82b47",
      "evidence": "Substantial majority of HHC's business and asset value is outside of Houston",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "8706c8ce-0d6b-4919-95f9-d384959c4c60",
      "evidence": "The slide explicitly addresses market concerns about Houston assets to defend the company's valuation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 64,
      "from": 9,
      "beatId": "2318e879-e3ce-4a81-9435-a6b883ae5849",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Desire",
      "beatSlug": "aida-desire",
      "evidence": "Detailed analysis of key portfolio companies, such as Mondelēz International, Restaurant Brands International, and Chipotle, aims to create desire for the investment opportunities.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}