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  "docSlug": "797596405020",
  "documentTitle": "Howard Hughes Corporation (HHC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-05-08 00:00:00",
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  "notes": "The slide uses a 'back of the envelope' approach to justify lower capitalization and discount rates for HHC's assets.",
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      "text": "Given the recently constructed Operating Asset portfolio, located in mature controlled MPCs, Pershing Square believes that capitalization and discount rates should be much lower than for typical real estate assets",
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      "text": "HHC estimates that it will take ~$300M to complete these assets",
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      "text": "HHC estimates it will take approximately two years for the remaining assets to stabilize",
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      "text": "The vast majority of HHC’s income-producing Operating Assets are within its MPCs, providing HHC with control over zoning and new supply, thereby limiting risk",
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      "text": "HHC projects total stabilized NOI of $241M, with 1Q17 annualized cash NOI of $169M",
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      "text": "stabilized net operating income: $241M",
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      "text": "We use projected stabilized net operating income (“NOI”), an appropriate capitalization rate, and discount this value to the present and subtract the remaining cost to complete",
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      "text": "Note: Operating Assets NOI and remaining cost to complete exclude the South Street Seaport",
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