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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": 36,
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  "notes": "The slide outlines a specific valuation methodology for HHC's residential land assets.",
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      "kind": "callout",
      "text": "Because of the substantially lower risk of predicting lots sales in mature MPCs (it is effectively inevitable, although subject to macro factors in the short term), we believe one should use very low discount rates to discount future cash flows from lot sales in HHC’s mature MPCs",
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      "text": "We believe the long-term appreciation rate of HHC’s residential land is approximately equal to the discount rate one would use to present value the cash flows from these assets\nAs a result, recent land sales are a reasonable proxy for valuing the remaining residential land held by HHC’s mature MPCs",
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      "kind": "title",
      "text": "Back of the Envelope: Residential Acreage at MPCs",
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