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  "docSlug": "797596405020",
  "documentTitle": "Howard Hughes Corporation (HHC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-08 00:00:00",
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  "pageNumber": 19,
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  "notes": "The slide uses a contrast-pairs framework to highlight the strategic shift in management philosophy.",
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      "text": "GGP viewed its MPCs as a cash cow to be liquidated to help pay debt service",
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      "text": "HHC, as a conservatively financed public company, has permanent capital that enables it to follow Bren’s long-term, value-maximizing approach\nSince obtaining control of its MPCs, HHC has discontinued substantially all commercial land sales, systematically acquired control of assets previously sold (or adjacent to its MPCs), and bought out its partners\nOnce a well designed MPC reaches a certain tipping point, the commercial development opportunity becomes very large\nHHC controls the substantial majority of commercial and residential vacant land at its MPCs and controls the zoning. This limits supply, and reduces the likelihood of overbuilding",
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      "kind": "title",
      "text": "Upon Obtaining Control, HHC Took A Long-Term Approach",
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